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 $20 for the cost of the construction contract. The outcome of the construction contract can be reliably estimated and following details relates to the project: Details Costs incurred for the year Estimated costs to complete Progress billings during the year Cash collected during the year 2002 ($ million) 6 14 7 6 2003 ($ million) 9 00 8 11 10 2004 ($ million) 8 7 7 The company's 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).