Ee 474. Brady Construction Company contracted to build an apartment complex for a price of $5,700,000. Construction began in 2024 andwas completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for theproject. All costs are stated in thousands of dollars.Situation1aSAWNP23456Costs Incurred during Year20242026$ 1,5701,5701,5705705705702025$ 2,3401,1102,3403,0703,0703,070$ 1,1102,6802,1601,1401,7902,500Estimated Costs to Complete(As of the End of the Year)202520242026$ 3,450 $ 1,1103,4502,6803,4502,0609103,9903,9905,3002,0602,330Required:Complete the following table.Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should beindicated by a minus sign. Situation123456$Revenue Recognized Over Time202520262024212,669 $212,669212,669142,500142,500(170,000)Gross Profit (Loss) RecognizedRevenue Recognized Upon Completion202520262024316,972(42,669)(482,669)777,500(142,500)

Percentage of completion is one of the method to recognize the revenue. In this method, We…

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 23456 2026 Costs Incurred during Year 2024 $ 1,570 1,570 $ 1,110 2,680 1,570 2,160 1,140 1,790 2,500 570 570 570 2025 $ 2,340 1,110 2,340 3,070 3,070 3,070 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 3,450 $ 1,110 3,450 3,450 3,990 3,990 5,300 2,680 2,060 910 2,060 2,330 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.

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 23456 2026 Costs Incurred during Year 2024 $ 1,570 1,570 $ 1,110 2,680 1,570 2,160 1,140 1,790 2,500 570 570 570 2025 $ 2,340 1,110 2,340 3,070 3,070 3,070 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 3,450 $ 1,110 3,450 3,450 3,990 3,990 5,300 2,680 2,060 910 2,060 2,330 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.

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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