In Its December 31, 2012, Balance Sheet, ADH Would Report

In its December 31, 2012, balance sheet, ADH would report:

A) The asset, cost and profits in excess of billings, of $500,000.
B) The liability, billings in excess of cost, of $300,000.
C) The asset, contract amount in excess of billings, of $1,500,000.
D) The asset, deferred profit, of $400,000.