Help Save & E Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below Contract amount Cost: Gross profit: 2020 2021 2020 2021 202e 2021 $3,270,000 1,260, eee 660, eee 890, eee 460, eee 1,635, eee 1,635,000 Contract billings: ADH recognizes revenue upon completion of the contract What is the journal entry in 2021 to record revenue? Multiple Choice Accounts receivable Revenue from long-term contracts 1,635,000 1,635,000 cost of construction Gross profit Revenue from long-term contracts 2,150,000 1,120,000 3,270,000 Construction in progress cost of construction Revenue from long-term contracts 1,350,000 1,920,000 3,270,000 Construction in progress Cost of construction Revenue from long term contracts 460,000 660,000 1,120,000 Multiple Choice Accounts receivable Revenue from long-term contracts 1,635,000 1,635,000 cost of construction Gross profit Revenue from long-term contracts 2,150,000 1,120,000 3,270,000 Construction in progress cost of construction Revenue from long-term contracts 1,350,000 1,920,000 3,270,000 Construction in progress Cost of construction Revenue from long term contracts 460,000 660,000 1,120,000