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.)

Assest: accounts recieveble, cost plus profit in excess of billings