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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,290,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated

JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,290,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated Cost to Complete 2020 $ 262,000 $ 1,610,000 2021 1,660,000 560,000 2022 510,000 0 In 2021, JRE2 would report gross profit (loss) of: Multiple Choice $(242,000). $(334,000). $0. $(192,000).

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