A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incurred during the first year were $8 million, and estimated costs to complete at the end of the year were $12 million. The company recognizes revenue over time according to percentage of completion. During the first year the company billed its customer $10 million, of which $4 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). Balance Sheet (Partial) Assets: Accounts receivable Costs plus profit in excess of billings $ $ 6,000,000 1,200,000

A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incurred during the first year were $8 million, and estimated costs to complete at the end of the year were $12 million. The company recognizes revenue over time according to percentage of completion. During the first year the company billed its customer $10 million, of which $4 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 ond not in millions (i.e., $4 million should be entered as $4,000,000 )