RE$2$ Inc. entered into a contract to install a pipeline for a fixed price of $$2,200,000.$ JRE$2$

recognizes revenue upon contract completion.

Cost incurred

Estimated Cost to

Complete

$2020$ $ $250,000$ $ $1,550,000$

$20211,600,000500,000$

$2022450,0000$

In $2020,$ JRE$2$ would report $($rounded to the nearest thousand$)$ gross profit $($loss$)$ of:

A$)$ $$0.$

B$)$ $$(100,000).$

C$)$ $$56,000.$

D$)$ $$73,000$