A construction company entered into a fixed-price contract to build an office building for $20 million. construction costs incurred during the first year were $6 million and estimated costs to complet

A construction company entered into a fixed-price contract to build an office building for $20 million. construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. during the first year the company billed its customer $7 million, of which $5 million was collected before year-end. what would appear in the year-end balance sheet related to this contract using the percentage-of-completion method