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QUESTION 7 Arizona Desert Homes (ADH) constructed a new subdivision during 2021 and 2022 under contract with Cactus Development Co. Relevant data are summarized below:

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QUESTION 7 Arizona Desert Homes (ADH) constructed a new subdivision during 2021 and 2022 under contract with Cactus Development Co. Relevant data are summarized below: 2021 Contract amount 3,000,000 Cost:Actual Estimated to complete 2022 500,000 1,500,000 500,000 0 ADH recognizes revenue over time with respect to these contracts. How much revenue would be recognized in 2021? What is the Gross Profit in 2021? What is the Journal Entry to record the Revenue and Gross Profit in 2021

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