Arizona Desert Homes (ADH) constructed a new subdivision during 2015 and 2016 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $2,820,000 Cost: 2015 1,160,000 2016 560,000 Gross profit: 2015 740,000 2016 360,000 Contract billings: 2015 1,410,000 2016 1,410,000 ADH recognizes revenue upon completion of the contract. In its December 31, 2015, balance sheet, ADH would report: The contract asset, contract amount in excess of billings, of $1,410,000 The contract liability, billings in excess of cost, of $250,000 The contract asset, cost and profits in excess of billings, of $490,000 The contract asset, deferred profit, of $360,000