Brief Exercise $6-34($Algo$)$ Long$-$term contract; revenue recognition over time; balance sheet $[$LO$6-8,6-9]$

A construction company entered into a fixed$-$price contract to build an office building for $$42$ million. Construction costs incurred during the first year were $$12$ million, and estimated costs to complete at the end of the year were $$28$ million. The company recognizes revenue over time according to percentage of completion.

During the first year the company billed its customer $$11$ million, of which $$9$ million was collected before year$-$end.

What would appear in the year$-$end balance sheet related to this contract?

Note: Enter your answers in whole dollars and not in millions $($i$.$e$.,$ $$4$ million should be entered as $$4,000,000).$

$\backslash$table$[[$Balance Sheet $($Partial$)],[$Assets:$,],[,],[,],[,]]$