Gunk Goblin constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below Contract amount Cost: Period gross profit: 2020 2021 2020 2021 2020 2021 $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 Contract billings: Gunk Goblin recognizes revenue over time with respect to these contracts For 2021, what is the journal entry to record revenue? Multiple Choice Accounts receivable Revenue from long-term contracts 1,500,000 1,500,000 1,500,000 Accounts receivable Cost of construction Gross profit Deferred revenue 600.000 600.000 300.000 Construction in progress Cost of construction Revenue from long-term contracts 400,000 600,000 1,000,000 Cost of construction Gross profit Revenue from long term contracts 2,000,000 1,000,000 3,000,000