YOUR COMPANY $($YC$)$ has a long$-$term contract with a client $-$ the contract was for $2$ years $(2023$ and $2024)$ and was worth $$1,200,000.$ In $2024$ internal auditors realized that the full amount of the contract was reported as revenue in $2024.$ Revenue recognition rules dictate, however, the the contract revenue should be earned based on completion. Half of the work was completed in $2023$ and the remaining half has been completed in $2024.$ Prepare the necessary entry to correct this error when it was found in $2024.$