Installment and cost-recovery-first methods of income recognition. JMB Realty Partners sold a tract of land costing $60,000 to a manufacturing firm for $100,000.

The manufacturing firm agreed to pay $25,000 per year for four years (plus interest).

Compute revenue, expense, and net income for each of the four years using the installment method and the cost-recovery-first method. Ignore interest.(Appendix)