for $5,000,000. Rigsby appropriately uses the Installment sales down payment of $410,000 with the balance in two equal annual Installments payable on method of accounting for this transaction. Terms called for a December 15, 2019, and December 15, 2020. lgnore Interest charges Rigsby has a December 31 year-end At December 31,2019, Rigsby would report in its balance sheet Muhiple Choice Deferred gross profft of $688,500 Cost of installiment sales $1606 500 Realaed gross proit of $688 500 ied goss profit of $410,000 2 3 0 86