On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,400,000 for $5,000,000. Rigsby appropriately uses the installment sales method of accounting for this transaction. Terms called for a down payment of $440,000 with the balance in two equal annual installments payable on December 15, 2022, and December 15, 2023. Ignore interest charges. Rigsby has a December 31 year-end. In 2022, Rigsby would recognize realized gross profit of: Multiple Choice $729,600 O $0 $779 600 O O O $629,600. Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured, and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise is in condition to be re-sold. Therefore, Reliable uses the cost recovery method. Merchandise costing $28,500 was sold for $55,250 in 2020. Collections on this sale were $20.800 in 2020. $15,800 in 2021, and $18.650 in 2022. In 2022, Reliable would recognize gross profit of: Multiple Choice O $0. $7,000. $9.500 O $18.650