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: $3,000,000 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? Multiple Choice Accounts receivable Gross profit Revenue from long-term contracts 2,300,000 800,000 1,500,000 Construction in progress 800,000 Cost of construction 1,200,000 Revenue from long-term contracts 2,000,000 Accounts receivable Billings in excess of cost Revenue for long-term contracts 1,500,000 300,000 1,800,000 Accounts receivable 1,500,000 Revenue from long-term contracts 1,500,000