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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $5,000,000 . JRE2 recognizes revenue upon contract completion. Cost incurred
JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $5,000,000. JRE2 recognizes revenue upon contract completion.
| Cost incurred | Estimated Cost to Complete | |||
| 2020 | $ | 180,000 | $ | 1,620,000 |
| 2021 | 1,600,000 | 500,000 | ||
| 2022 | 450,000 | 0 |
Required: What would be reported as gross profit (loss) in 2020? (If loss, enter as negative).
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