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

JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,335,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated Cost to Complete 2023 $ 268,000 $ 1,640,000 2024 1,690,000 599,000 2025 540,000 0 In 2025, JRE2 would report gross profit (loss) of:

$19,667

$96,000

$(163,000)

$59,000

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