contract to build an office building for $10 million. Construction costs incurred during the first year were $2 million and estimated costs to complete at the end of the year were $3 million. During the first year the company billed its customer $3 million, of which $1 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 Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $54 million. Construction costs incurred in the first year were $44 million and estimated remaining costs to complete at the end of the year were $27 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method? (Enter your answer in millions.) million How much gross profit or loss will Franklin recognize in the first year applying the completed contract method? (Enter your answer in millions.) million