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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,230,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated
JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,230,000. JRE2 recognizes revenue upon contract completion. |
Cost incurred | Estimated Cost to Complete | |
2015 | $ 254,000 | $ 1,570,000 |
2016 | 1,620,000 | 520,000 |
2017 | 470,000 | 0 |
In 2016, JRE2 would report gross profit (loss) of:
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