in 2021. Cupid Construction Co. Cabegan work on a two year fed price contract project CCC recognizes revenue over time accorcmg to percentage of completion for this contract and provides the following information dollars in millions Accounts receivable, 12/31/2021 (froe construction progress billings) Actual construction costs incurred in 2021 Cash collected on project during 2021 Construction in progress, 12/31/2021 Estimated percentage of completion during 2021 $37.5 5 135 $105 $207 What is the fined contract price for CCC project? Multiple Choice O 5:20 million $225 minon $345 $349.5 mm Artzone Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below Contract amount Costt 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: ADH recognizes revenue over time with respect to these contracts What would be the journal entry made in 2020 to record revenue? 1,5ee, eee Accounts receivable Revenue from long-term contracts 1,500,000 2,300,eee Accounts receivable Gross profit Revenue from long-term contracts 800, eee 1,5ee, eee construction in progress cost of construction Revenue from long-term contracts See, eee 1,200, eee 2, eee, eee Accounts receivable Billings in excess of cost Revenue for long-term contracts 1,588, eee Bee, eee 1, see, eee