Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2024 and was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation 2024 2 3 5 Costs Incurred during Year 2026 $1,020 2,560 1,920 1,080 1,580 2,200 Situation 1 2 3 4 5 6 $ 1,540 1,540 1,540 540 540 540 2025 $2,250 1,020 2,250 3,040 3,040 3,040 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 1,020 2,560 1,820 $ 3,270 3,270 3,270 3,780 3,780 5,000 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e.. $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. 895 1,820 2,060 Gross Profit (Loss) Recognized Revenue Recognized Over Time 2024 2025 2436 1111 Revenue Recognized Upon Completion 2025 2024 2026

Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2024 and was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation 2024 2 3 5 Costs Incurred during Year 2026 $1,020 2,560 1,920 1,080 1,580 2,200 Situation 1 2 3 4 5 6 $ 1,540 1,540 1,540 540 540 540 2025 $2,250 1,020 2,250 3,040 3,040 3,040 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 1,020 2,560 1,820 $ 3,270 3,270 3,270 3,780 3,780 5,000 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e.. $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. 895 1,820 2,060 Gross Profit (Loss) Recognized Revenue Recognized Over Time 2024 2025 2436 1111 Revenue Recognized Upon Completion 2025 2024 2026

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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