arizona desert homes (adh) constructed a new subdivision during 2023 and 2024 under contract with cactus development company. relevant data are summarized below: contract amount $ 2,595,000 cost: 2023 1,110,000 2024 510,000 gross profit: 2023 665,000 2024 310,000 contract billings: 2023 1,297,500 2024 1,297,500 adh recognizes revenue upon completion of the contract. in its december 31, 2023, balance sheet, adh would report:
