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QUESTION 2 Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under...

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Accounting

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QUESTION 2 Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: $ 2,775,000 1,150,000 550.000 Contract amount Cost 2020 2021 Gross profit: 2020 2021 Contract billings 2020 2021 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2021 to record revenue? 725,000 350,000 1.387.500 1,387,500 Cost of construction Gros profil Revenue from long term contracts 1,875,000 500,000 2.775.000 Construction in progress Cost of construction Revenue from long-term contracts 1.075.000 1.700.000 2.775.000 Construction in progress Cost of construction Revenue from long-term contacts 350.000 550.000 900,000 Accounts receivable Refrom long-term contracts 1,387.500 1.387.500

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