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Moon View Desert Homes constructed a subdivision of upscale homes north of Cave Creek, Arizona during 2019 and 2020 under contract with Empire Development

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Moon View Desert Homes constructed a subdivision of upscale homes north of Cave Creek, Arizona during 2019 and 2020 under contract with Empire Development. Relevant data are summarized below: Contract Amount P2,000,000 2019 2020 Cost 800,000 600,000 Gross Profit 350,000 250,000 Contract Billings 1,000,000 1,000,000 Moon View uses the percentage of completion method to recognize revenue Questions: 1. What would be the journal entry made in 2019 to record revenue? With explanation 2. In its December 31, 2019 balance sheet. Moon View would report with explanation 3. What would be the journal entry to record revenue in 2020? With explanation