Concept Check v Koral Gables Construction Co. began operations in 2015. Construction activity for 2015 is shown below. KoralGables recognizes revenue upon completion of the contract. Which of the following should be shown on the balance sheet at December 31, 2015? Contract Price: 3,600,000 Billings in 2015: 1,200,000 Collections in 2015: 1,000,000 Cost in 2015: 800,000 Estimated Remaining Costs to Complete: 2,280,000 a. b. The contract liability, billings in excess of cost of $200,000 The contract liability, billings in excess of cost of $400,000 The contract asset, contract amount in excess of billings, of $200,000 The contract asset, contract amount in excess of billings, of $400,000