Brief Exercise 6-34 (Algo) Long-term contract; revenue recognition over time; balance sheet (LO6-9] A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incurred during the first year were $8 million and estimated costs to complete at the end of the year were $12 million. During the first year the company billed its customer $10 million, of which $4 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 $ 6,000,000 3,200.000 $