E 5 11 Income Loss Recognition Percentage Of Completion And Completed Contract Metho 1039561

E 5-11 Income (loss) recognition; percentage-of-completion and completed contract methods compared LO4Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2006 and was completed in 2008. The following are a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.Estimated Costs to CompleteCosts Incurred During Year (As of the End of the Year)Situation 2006 2007 2008 2006 2007 20081 1,500 2,100 900 3,000 900 —2 1,500 900 2,400 3,000 2,400 —3 1,500 2,100 1,600 3,000 1,500 —4 500 3,000 1,000 3,500 875 —5 500 3,000 1,300 3,500 1,500 —6 500 3,000 1,800 4,600 1,700 —Required:Complete the following table.Round all answers to the nearest whole dollar. Amounts in parenthesis do not require a minus sign.Gross Profit (Loss) RecognizedPercentage-of-Completion Completed ContractSituation 2006 2007 2008 2006 2007 20081 $ ____________ $ ____________ $ ____________ $ ____________ $ ____________ $ ____________2 ____________ ( ____________) ____________ ____________ ____________ ____________3 ____________ ( ____________) ( ____________) ____________ ( ____________) ( ____________)4 ____________ ____________ ____________ ____________ ____________ ____________5 ____________ ( ____________) ____________ ____________ ____________ ____________6 ( ____________) ( ____________) ( ____________) ( ____________) ( ____________) ( ____________)