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JRE2 Inc. entered into a contract to Install a pipeline for a fixed price of $2,380,000. 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 $2,380,000. JRE2 recognizes revenue upon contract completion 2020 2021 2022 Cost incurred $ 274,000 1,720,000 570,000 Estimated cost to Complete $1,670,000 632,000 0 in 2022, JRE2 would report gross profit (loss) of: Multiple Choice $78,000 $(184,000)

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