data are summarized below: CBl will recognize rovenue from this contract ypon completion of the contract. In its December 31, 2020, balance sheet, CBI would report: Multiple Choice The contract asset, deferred proft, of $420,000 The contract liability, billings in excess of cost, of $325,000. The contract asset, contract amount in excess of billings, of $1,545,000. The contract asset, cost and profits in excess of billings, of $505,000. data are summarized below: CBl will recognize rovenue from this contract ypon completion of the contract. In its December 31, 2020, balance sheet, CBI would report: Multiple Choice The contract asset, deferred proft, of $420,000 The contract liability, billings in excess of cost, of $325,000. The contract asset, contract amount in excess of billings, of $1,545,000. The contract asset, cost and profits in excess of billings, of $505,000