Phoenix Homes (PH) constructed a new subdivision during 2018 and 2019 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $3,000,000 Cost in 2018: $1,200,000 Estimated total costs to complete : $2,000,000 Billings in 2018: $2,000,000 ADH uses the percentage-of-completion method to recognize revenue. In its December 31, 2018, statement of financial position, ADH would report: Select one: A. The liability, billings in excess of cost, of $1,625,000. B. The asset, cost and profits in excess of billings, of $1,625,000. C. The asset, cost and profits in excess of billings, of $200,000. D. The liability, billings in excess of cost, of $200,000