Brady Construction Company contracted to build an apartment complex for a price of $5,800,000. Construction began in
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Question:
Brady Construction Company contracted to build an apartment complex for a price of $5,800,000. Construction began in 2021 and was completed in 2023. 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.
Estimated Costs to Complete | ||||||||||||
Costs Incurred During Year | (As of the End of the Year) | |||||||||||
Situation | 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | ||||||
1 | 1,580 | 2,370 | 1,140 | 3,510 | 1,140 | — | ||||||
2 | 1,580 | 1,140 | 2,720 | 3,510 | 2,720 | — | ||||||
3 | 1,580 | 2,370 | 2,240 | 3,510 | 2,140 | — | ||||||
4 | 580 | 3,080 | 1,160 | 4,060 | 915 | — | ||||||
5 | 580 | 3,080 | 1,860 | 4,060 | 2,140 | — | ||||||
6 | 580 | 3,080 | 2,600 | 5,400 | 2,420 | — | ||||||
Required:
Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
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