Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. 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 1 2 3 4 5 6 Costs Incurred during Year 2024 2026 Situation 1 2 3 4 5 6 $ 1,610 1,610 1,610 610 610 610 2025 $ 2,460 1,230 2,460 3,110 3,110 3,110 $ 1,230 2,840 2,480 1,220 2,070 2,900 2024 Estimated Costs to Complete (As of the End of the Year) 2025 2024 2026 $ 3,690 3,690 3,690 4,270 4,270 5,655 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. $ 1,230 2,840 2,380 930 Revenue Recognized Over Time 2025 2026 2,380 2,690 Gross Profit (Loss) Recognized Revenue Recognized Upon Completion 2024 2026 2025

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Would you please help me understand how my answers are incorrect? I have been looking at this for an hour.Thank you.

Assume that Crane Construction Company has a non-cancellable contract to construct a $4,640,000 bridge at an estimated cost of $4,176,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Crane has revised the estimated total cost from $4,176,000 to $4,228,200.) Assume that progress billings are non-refundable. Costs to date (12/31) Estimated costs to complete (12/31) Progress billings during the year Cash collected during the year (a1) Account Titles and Explanation (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) 2023 (To record construction expense) 3,173,760 $1,002,240 $2,959,740 $4,228,200 994,000 2024 834,960 1,268,460 2,483,000 Prepare all journal entries required for Crane to account for this contract for 2023. (Credit account titles are automatically indented when the amount is entered. Do not…

Please assits with this cost accounting question   Contract Masters Ltd has entered into a contract with Creative Dealers Ltd. for the construction of a new branch office. The contract began on March 1, 2022 and was completed on December 28 2022. The total value of the contract was $12,000,000. On December 30, 2022, an engineer inspected the project and issued a final certificate for work done. The following information is available with regards to the contract:                                                                                 $Site labour costs                              3,120,000        Materials direct to site                          2,000,000Materials returned                             30,500        Materials from store and workshops                      500,000         Maintenance of plant and use                       980,000        Direct expenses                          1,090,000        General overheads                               750,000        Materials…

(a) What is the weighted average of accumulated expenditures? (b) What is the avoidable interest for the building in 2018?