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 $12million. During the first year the company billed its customer $10million, of which $4 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?(Enter your answers in whole dollars.)