JRE2 Inc. entered into a contract to install a pipeline for a fixed price of...
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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2.290,000. JRE2 recognizes revenue upon contract completion 2020 2021 2022 Cost incurred $ 262,000 1,660,000 510,000 Estimated cost to Complete $1,610,000 566,000 0 in 2022, JRE2 would report gross profit (loss) of: Multiple Choice $(142,000) $114,000 O $(142,000) $114,000. O O $18,667 $56,000
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