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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,455,000. JRE2 recognizes revenue upon contract completion. Cost Estimated

JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,455,000. JRE2 recognizes revenue upon contract completion. Cost Estimated Cost $1,720,000 incurred to Complete 2020 $ 284,000 2021 1,770,000 2022 620,000 687,000 0 In 2022, JRE2 would report gross profit (loss) of: Multiple Choice () $48,000. $67,000. $(219,000). $22,333.

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