A construction company entered into a fixed-price contract to build an office building for $12 million. Construction costs incurred during the first year were $4 million and estimated costs to complete at the end of the year were $6 million. During the first year the company billed its customer $3 million, of which $2 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.) Assets: Accounts receivable Costs plus profit in excess of billings $ 1,000,000 $ 1,320,000