Hi All,

Can I have some help in resolving the below problem for my accounting class

Thank you

A construction company entered into a fixed-price contract to build an office building for $22 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9million. During the first year the company billed its customer $7million, 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?(Enter your answers in whole dollars.)