Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevan Contract amount $ 3,000,000 Cost: 2020 1.200.000 2021 600,000 Gross profit: 2020 800.000 2021 400,000 Contract billings: 2020 1.500.000 2021 1,500,000 ADH recognizes revenue over time with respect to these contracts. What would be the journal entry made in 2020 to record revenue? Accounts receivable 1,500,000 Billings in excess of cost 300,000 Revenue for long-term contracts 1.800,000 Construction in progress 800.000 Cost of construction 1,200,000 Revenue from long-term contracts 2,000,000 Accounts receivable 1,500,000 Revenue from long-term contracts 1.500.000 Accounts receivable 2,300.000 Gross profit 800.000 Revenue from long-term contracts "1,500,000