(Solved): 13 01:26:58 Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under co ...

13 01:26:58 Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant data are summarized below: Contract amount $ 2,640,000 Cost: 2023 1,120,000 2024 520,000 Gross profit: 2023 680,000 2024 320,000 Contract billings: 2023 1,320,000 2024 1,320,000 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2024 to record revenue? Multiple Choice Account Title Accounts receivable Revenue from long-term contracts Account Title Construction in progress Cost of construction Revenue from long-term contracts Account Title Construction in progress Cost of construction Revenue from long-term contracts Account Title Cost of construction Gross profit Revenue from long-term contracts O O Debit 1,320,000 Debit 320,000 520,000 Debit 1,000,000 1,640,000 Debit 1,800,000 840,000 Credit 1,320,000 Credit 840,000 Credit 2,640,000 Credit 2,640,000