Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount Cost: 2020 2021 2020 Gross profit: $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 2021 Contract billings: 2020 2021 ADH recognizes revenue upon completion of the contract. For 2020, what is the journal entry to record revenue? Multiple Choice 1,500,000 Accounts receivable Revenue from long-term contracts 1,500,000 2,300,000 Accounts receivable Gross profit Revenue from long-term contracts 800,000 1,500,000 Construction in progress Cost of construction Revenue from long-term contracts 800,000 1,200,000 2,000,000