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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,335,000.JRE2 recognizes revenue upon contract completion. Cost incurred $ 268,000

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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,335,000.JRE2 recognizes revenue upon contract completion. Cost incurred $ 268,000 1,690,000 540,000 2020 2021 2022 Estimated Cost to Complete $1,640,000 590,000 In 2021, JRE2 would report gross profit (loss) of: Multiple Choice $0. $(263,000). $(376,000) $(213,000)

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