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JRE2 Inc. entered into a contract to install a pipeline for a fixed...

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Accounting

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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,470,000. JRE2 recognizes revenue upon contract completion. Estimated Cost to Complete $1,730,000 680,000 Cost incurred $ 286,000 1,780,000 630,000 2020 2021 2022 In 2021, JRE2 would report gross profit (loss) of: Multiple Choice O $0. O O O $(502,000). O o $(276,000). $(326,000). O

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