Nevada Desert Homes (NDH) constructed a new subdivision during 2020 and 2021 under contract with Tumble Weed Development Co. Relevant data are summarized below: Contract amount Cost: Gross profit: 2020 2021 2020 2021 2020 2021 $ 3,270,000 1,260,000 660,000 890,000 460,000 1,635,000 1,635,000 Contract billings: NDH recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, NDH would report: Multiple Choice 0 The contract asset, deferred profit, of $460.000. 0 The contract liability, billings in excess of cost, of $375.000 0 The contract asset, cost and profits in excess of billings, of $515.000. The contract asset, contract amount in excess of billings, of $1.635.000. Prev 18 h