A construction company entered into a fixed-price contract to build an office building for $16 million. Construction costs incurred during the first year were $3 million and estimated costs to complete at the end of the year were $7 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
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Home » Business » A construction company entered into a fixed-price contract to build an office building for $16 million. Construction costs incurred during the first year were $3 million and estimated costs to complete at the end of the year were $7 million.