Jre2 recognizes revenue upon contract completion

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Reference no: EM13965139

JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,350,000. JRE2 recognizes revenue upon contract completion.

	Cost incurred	Estimated Cost to Complete
2015	$ 270,000	$ 1,650,000
2016	1,700,000	600,000
2017	550,000	0

In 2016, JRE2 would report gross profit (loss) of:

a. $(270,000).

b. $(390,000).

c. $0.

d. $(220,000).

Reference no: EM13965139

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