On December 15, 2016, Rigsby Sales Co. sold a tract of land that cost $3, 300,000 for $5,000,000. Rigsby appropriately uses the installment sales method of accounting for this transaction. Terms called for a down payment of $460,000 with the balance in two equal annual installments payable on December 15, 2017, and December 15, 2018. Ignore interest charges. Rigsby has a December 31 year-end. In 2016, Rigsby would recognize realized gross profit of: $1, 700,000. 0. $156, 400. $460,000