A construction company entered into a fixed-price contract to build an office building for $18 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. During the first year the company billed its customer $6 million, of which $3 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

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