Gunk Goblin constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below 40 Contract amount Cost: otto Period gross profit: 2020 2021 2020 2021 2020 $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 Contract billings 2021 Gunk Goblin recognizes revenue upon completion of the contract In its December 31, 2020, balance sheet. Gunk Goblin would report Multiple Choice The contract asset, deferred profit of $400,000 The contract asset contract amount in excess of bilings of $1500,000