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JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,260,000. JRE2 recognizes revenue upon contract completion. Cost incurred

JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,260,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated Cost to Complete 2023 $ 258,000 2024 1,640,000 2025 $ 1,590,000 544,000 0 490,000 In 2025, JRE2 would report gross profit (loss) of: Multiple Choice $(128,000). $126,000. $54,000. $18,000.

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