Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Refevant data are summarized below: $3,e00, e00 1,200, eee Contract amount Cost: 2020 2021 600, eee Gross profit: 2e20 see, eee 2021 400, e00 1,500, e00 1, 500, eee Contract billings: 2020 2021 ADH recognizes revenue over time with respect to these contracts. For 2021. what is the joumat entry to record revenue? Mumple Choice Cost of construction 2,000,000 l Cost of construction 2,000,000 1,000,000 Gross profit Revenue from long-term contracts 3,000,000 Accounts receivable 1,500,000 Cost of construction 600,000 Gross profit 600,000 Deferred revenue 300,000 Construction in progress 400,000 600,000 Cost of construction Revenue from long-term contracts 1,000,000 Accounts receivable 1,500,000 Revenue from long-term contracts 1,500,000