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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,365,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated
JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,365,000. JRE2 recognizes revenue upon contract completion.
| Cost incurred | Estimated Cost to Complete | |||||
| 2020 | $ | 272,000 | $ | 1,660,000 | ||
| 2021 | 1,710,000 | 621,000 | ||||
| 2022 | 560,000 | 0 | ||||
In 2022, JRE2 would report gross profit (loss) of:
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Managerial Accounting
Authors: Crosson
9th Edition
B00650WABQ
