lowa Development (D made the following lad sales and had the oning c collections: 012 Sold Atoona land for $2.000000 tat cost 11 200,000 The land agreement required payments of $1,000,000 within one week of occupancy of the land, and oer $1,000,000 2013 Required: a-Prepare journal entries to record the sale, cash collections, and recognition of wr profit n 2012 and 2013 using the installment sales method under U.s GAAPIDeferred gross profit method). b Repeat the requirement I applying the IFRS method for significant uncertainty in collectability lowa Development (D made the following lad sales and had the oning c collections: 012 Sold Atoona land for $2.000000 tat cost 11 200,000 The land agreement required payments of $1,000,000 within one week of occupancy of the land, and oer $1,000,000 2013 Required: a-Prepare journal entries to record the sale, cash collections, and recognition of wr profit n 2012 and 2013 using the installment sales method under U.s GAAPIDeferred gross profit method). b Repeat the requirement I applying the IFRS method for significant uncertainty in collectability