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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,275,000. JRE2 recognizes revenue upon contract completion. 2020 2021 2022

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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,275,000. JRE2 recognizes revenue upon contract completion. 2020 2021 2022 Cost incurred $ 260,000 1,650,000 500,000 Estimated Cost to Complete $1,600,000 555,000 0 In 2022, JRE2 would report gross profit (loss) of: Multiple Choice O $18,333 $120,000 $55,000. $(135,000)

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