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JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,200,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated

JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,200,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated Cost to Complete 2023 $ 250,000 $ 1,550,000 2024 1,600,000 500,000 2025 450,000 In 2023, JRE2 would report (rounded to the nearest thousand) gross profit (loss) of

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