On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,500,000 for $5,000,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $450,000 with the balance in two equal annual installments payable on December 15, 2012, and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. At December 31, 2012, Rigsby would report in its balance sheet