A construction company entered into a fixed-price contract to build an office building for $46 million. Construction costs incurred during the first year were $12 million, and estimated costs to complete at the end of the year were $28 million. The company recognizes revenue over time according to percentage of completion.

During the first year the company billed its customer $12 million, of which $9 million was collected before year-end.

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