Required information ADH constructed a new subdivision during 2012 and 2013 under contract with Cactus Development Co. Relevant data ar summarized below: $3,000,000 Contract Jamount Cost: Gross profit: 2012 1,200,000 2013 600,000 2012 800,000 2013 400,000 2012 1,500,000 Contract billings: 2013 1,500,000 ADH uses the completed contract method to recognize revenue. In its December 31, 2012, balance sheet, ADH would report: Multiple Choice The asset, contract amount in excess of billings, of $1,500,000. The asset, deferred profit, of $400,000. December 31, 2012, balance sheet, ADH would report: Multiple Choice The asset, contract amount in excess of billings, of $1,500,000. they The asset, deferred profit, of $400,000. The liability, billings in excess of cost of $300,000. The asset, cost and profits in excess of billings, of $500,000. Help Required information ADH constructed a new subdivision during 2012 and 2013 under contract with Cactus Development Co. Relevant data are summarized below. $3,000,000 Contract amount Cost: Gross profit 2012 1.200.000 2013 600.000 2012 800,000 2013 400,000 2012 11300000 Contract billings: 2013 11.500.000 ADH uses the completed contract method to recognize revenue. What is the journal entry in 2013 to record revenue? Multiple Choice Construction in progress Cost of construction Revenue for long-term contracts 1.200.000 1800,000 37000.000 O Covt of construction Gros 2.000000 1000000