Exercise 16-26 Multiple differences; multiple tax rates; balance sheet classification [LO16-1, 16-2, 16-4, 16-5, 16-6, 16-8] Case Development began operations in December 2013. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2013 installment income was $600,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2014