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Moon View Desert Homes constructed a subdivision of upscale homes north of Cave Creek, Arizona, during 2019 and 2020 under contract with Empire Development.

Moon View Desert Homes constructed a subdivision of upscale homes north of Cave Creek, Arizona, during 2019 and 2020 under contract with Empire Development. Relevant data are summarized below: Contract Amount Cost Gross Profit 2019 800,000 350,000 1,000,000 P2,000,000 2020 600,000 250,000 1,000,000 Contract Billings Moon View uses the percentage-of-completion method to recognize revenue. Questions: 1. What would be the journal entry made in 2019 to record revenue? With explanation 2. In its December 31, 2019 balance sheet, Moon View would report: with explanation 3. What would be the journal entry to record revenue in 2020? With explanation

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