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JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of...

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Accounting

JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,275,000. JRE2 recognizes revenue upon contract completion.
Cost incurred Estimated Cost to Complete
2023 $ 260,000 $ 1,600,000
20241,650,000550,000
2025500,0000
In 2024, JRE2 would report gross profit (loss) of:
Multiple Choice
$(320,000).
$(235,000).
$(185,000).
$0.

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