A construction company entered into a fixed-price contract to build an office building for $48 million. Construction costs incurred during the first year were $18 million and estimated costs to complete at the end of the year were $27 million. During the first year the company billed its customer $18 million, of which $13 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.)

Answer is complete but not entirely correct.

Assets:
Costs in excess of billings/selected answer incorrect	$14,160,000selected answer incorrect
Accounts receivableselected answer correct	$5,000,000selected answer correct
Construction in progressselected answer incorrect	$18,000,000selected answer incorrect