During 2009, Argo Company sold 10 acres of prime commercial zoned land to a builder for $5,000,000.
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During 2009, Argo Company sold 10 acres of prime commercial zoned land to a builder for $5,000,000. Th e builder gave Argo a $1,000,000 down payment and will pay the remaining balance of $4,000,000 to Argo in 2010. Argo purchased the land in 2002 for
$2,000,000. Using the installment method, how much profi t will Argo report for 2009?
A . $600,000.
B . $1,000,000.
C . $3,000,000.
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Related Book For 
International Financial Statement Analysis
ISBN: 9781118999479
3rd Edition
Authors: Thomas R. Robinson, Elaine Henry, Wendy L. Pirie
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