On 17 February 2002 Flagstaff Development Limited signed a contract with its client in Hamilton to construct a 7-storey office building in Gordonton. The contract scheduled to be completed on 30 August 2004 has a fixed contract price of $25 million without any price escalation clause. The building team of Flagstaff Development Limited made a preliminary estimate of $20 for the cost of the construction contract. The outcome of the construction contract can be reliably estimated and following details relates to the project:

Details	2002 ($ million)	2003 ($ million)	2004 ($ million)
Costs incurred for the year	6	9	8
Estimated costs to complete	14	8	-
Progress billings during the year	7	11	7
Cash collected during the year	6	10	7

The companys financial year end is 31 December.

Required:

Prepare an extract of the balance sheet as at 31/12/2002, 31/12/2003 and 31/12/2004 showing items related to the construction contract that are required to be disclosed in the face of the position statement in accordance with Generally Accepted Accounting Practices (GAAP).