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. ID received the $1,000,000 payment 2013: Sold Boone land for $2,400,000 that cost ID $1,200,000. The land agreement required payments of $800,000 within one week of occupancy of the land and additional payments of $800,000 in 2014 and 2015. ID received the $800,000 payment and also a $500,000 payment for the Altoona land