Gunk Goblin constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below. Contract amount $3,000,000 Cost: 2020 1,200,000 2021 600,000 Period gross profit: 2020 800,000 2021 400,000 Contract billings: 2020 1,500,000 2021 2,500,000 Gunk Goblin recognizes revenue upon completion of the contract. In its December 31 2020, balance sheet Gunk Goblin would report Me Choice The contractors in excess of cont of $300.000, 0 The concerned prot, 5400.000 mecres of legs, or $1.500.000