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On December 15, 2018, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $5,000,000. Rigsby appropriately uses the installment sales method of

On December 15, 2018, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $5,000,000. Rigsby appropriately uses the installment sales 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, 2019, and December 15, 2020. Ignore interest charges. Rigsby has a December 31 year-end. In 2018, Rigsby would recognize realized gross profit of: Multiple Choice $1,400,000. $450,000. $126,000. $ 0. Drou of 20 Nout

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