JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,500,000. JRE2 recognizes revenue upon contract completion. Estimated Cost to Complete $1,750,000 700,000 Cost incurred $ 290,000 1,800,000 650,000 2020 2021 2022 In 2021, JRE2 would report gross profit (loss) of: Multiple Choice $(530,000). O $(340,000). $(290,000). $0