Question: [Practice 19] JRE Inc. entered into a contract to install a pipeline for a fixed price of $2,200,000. JRE uses the percentage-of-completion method of revenue

[Practice 19] JRE Inc. entered into a contract to install a pipeline for a fixed price of $2,200,000. JRE uses the percentage-of-completion method of revenue recognition. In 2015, JRE would report (rounded to the nearest thousand) gross profit (loss) of: A) $(100,000). B) $50,000. C) $123,000. D) $2,000

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