Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount Cost 20 Gross profit: Contract billingen 2020 2021 2020 2021 2020 2021 $ 2,820,000 1,160,000 560,000 740,000 360,000 1,410,000 1,410,000 ADH recognizes revenue upon completion of the contract In its December 31, 2020, balance sheet, ADH would report: Multiple Choice The contract asset, cost and profits in excess of billings, of $490,000. The contract asset, deferred profit, of $360,000 The contract asset, contract amount in excess of billings, of $1,410,000. The contract liability, billings in excess of cost of $250,000