Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $2,550,000 Cost: 2017 1,100,000 2018 500,000 Gross profit: 2017 650,000 2018 300,000 Contract billings : 2017 1,275,000 2018 1,275,000 ADH recognizes revenue upon completion of the contract. In its December 31, 2017, balance sheet, ADH would report Te nt ac poks Multiple Choice Add a xtbook The contract asset, contract amount in excess of billings, of $1,275,000. ountir