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JRE2 Inc entered into a contract to install a pipeline for a fixed price of $2,230,000. 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 $2,230,000. JRE2 recognizes revenue upon contract completion 2020 2021 2022 Cost incurred $ 254,000 1,620,000 470,000 Estimated Cost to Complete $1,570,000 522,000 0 In 2022, JRE2 would report gross profit (loss) of: Multiple Choice $138,000 $17,333 $(114,000) $52,000

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