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Multiple Choice The contract asset, cost and profits in excess of billings, of $525,000. The contract liability, billings in excess of cost, of $425,000. The contract asset, contract amount in excess of billings, of $1,725,000. The contract asset, deferred profit, of $500,000. Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount Cost: Gross profit: 2020 2021 2020 2021 2020 2021 $ 3,450,000 1,300,000 700,000 950,000 500,000 1,725,000 1,725,000 Contract billings: ADH recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, ADH would report