A construction company enters into a fixed-price contract to build an office bldg for 38 million. Construction cost incurred during year 1 = 12 million - estimated costs at year end was 18 million. During the first year the company billed 14 million of which 7 million collected before year end. Year end balance sheet using percentage of completion method

A/R = 7 million

What is: cost plus profit in excess of billings? Please