SBB Construction built a building for BBB during 2019 and 2020. Relevant data are summarized below:

Contract amount		$	2,550,000
Cost:	2019		1,100,000
	2020		500,000
Gross profit:	2019		650,000
	2020		300,000
Contract billings:	2019		1,275,000
	2020		1,275,000

SBB recognizes revenue upon completion of the contract. Assume that the company bills in the exact amount of the contract (i.e. the sum of contract billings = the total contract price). What is the journal entry in 2020 to record revenue?

• Accounts receivable	1,275,000
  Revenue from long-term contracts		1,275,000

• Construction in progress	950,000
  Cost of construction	1,600,000
  Revenue from long-term contracts		2,550,000

• Cost of construction	1,750,000
  Gross profit	800,000
  Revenue from long-term contracts		2,550,000

• Construction in progress	300,000
  Cost of construction	500,000
  Revenue from long-term contracts		800,000