On december 15, 2018, rigsby sales co. sold a tract of land that cost $3,700,000 for $5,000,000. rigsby appropriately uses the installment sales method of accounting for this transaction. terms called for a down payment of $490,000 with the balance in two equal annual installments payable on december 15, 2019, and december 15, 2020. ignore interest charges. rigsby has a december 31 year-end. in 2019, rigsby would recognize realized gross profit of:
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On december 15, 2018, rigsby sales co. sold a tract of land that cost $3,700,000 for $5,000,000. rig...
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