JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,230,000. JRE2 recognizes revenue upon contract completion.
Cost incurred Estimated cost to complete
2015 $254,000 $1,570,000
2016 $1,620,000 $520,000
2017 $470,000 $0
In 2016, JRE2 would report gross profit (loss) of _____.