At year-end XYZ Company has in-process construction projects with costs totaling $6,000,000. It has billed $8,000,000 on these projects and collected $6,500,000. As it employs the percentage-of-completion method it has also recognized a total of $1,000,000 in profit to date on these contracts. The XYZ balance sheet would report: Selected Answer: Incorrect Liability values totaling $2,000,000 for these projects. Answers: Asset values totaling $2,000,000 for these projects. Asset values totaling $1,000,000