n July 1, 2016, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,640,000. The book value of the land on Apaches books was $1,560,000. Terms of the sale required a down payment of $260,000 and 13 annual payments of $260,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2017.

How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at the point in time at which it transfers the land to the construction company?

Revenue 2016? and 2017?