lowa Development (ID) made the following land sales and had the following cash collections: 2012: Sold Altoona land for $2,000,000 that cost ID $1,200,000. The land agreement required payments of $1,000,000 within one week of occupancy of the land, and the other $1,000,000 in 2013 Under the deferred gross profit method, the journal entry to record the installemt sales in 2012is: Installment receivable. 2,000,000 Inventory.. 1,200,000 Deferred gross profit. 800,000 Installment receivable. 1.200.000 Inventory. 1.000.000 Deferred gross profit. 200,000 Cash 2,000,000 Inventory 1,200,000 Deferred gross profit. 800,000 Cash 1,000,000 Installment receivables 1,000,000