A construction company entered into a fixed$-$price contract to build an

office building for $$38$ million. Construction costs incurred during the first

year were $$12$ million, and estimated costs to complete at the end of the

year were $$18$ million. The company recognizes revenue over time

according to percentage of completion.

During the first year the company billed its customer $$14$ million, of which

$$7$ million was collected before year$-$end.

What would appear in the year$-$end balance sheet related to this contract?

Note: Enter your answers in whole dollars and not in millions $($i$.$e$.,$ $$4$

million should be entered as $$4,000,000).$