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On december 15, 2016, rigsby sales co. sold a tract of land that cost $3, 500,000 for $5,000,000. rigsby appropriately uses the installment sales method of accounting for this transaction. Terms called for a down payment of $420,000 with the balance in two equal annual installments payable on december 15, 2017, and december 15, 2018. ignore interest charges, rigsby has a december 31 year-end. in its December 31, 2016. balance sheet, Rigsby would report: Installment receivables (net) of $3, 206,000 Deferred gross profit of $126,000. Installment receivables (net) of $4, 580,000 Realized gross profit of $126,000