A construction company entered into a fixed$-$price contract to build an office building for $$10$ million. Construction costs incurred

during the first year were $$2$ million, and estimated costs to complete at the end of the year were $$3$ million. The company recognizes

revenue over time according to percentage of completion.

During the first year the company billed its customer $$3$ million, of which $$1$ 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).$