The contract asset, deferred profit, of $400,000.

The contract asset, contract amount in excess of billings, of $1,500,000.

The contract asset, cost and profits in excess of billings, of $500,000.

The contract liability, billings in excess of cost, of $300,000.

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: 0104 Period gross profit: Contract billings 2020 2021 2020 2021 2020 2021 $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 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 dered pol of $400,000 The contract asset contract amount in excess of billings, of $1500.000