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

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