Ramirez Video, Inc., sells video production equipment under terms calling for a small down payment and monthly payments spread over three years. Following are data for the first three years of the company's operations: Total sales for 2012 were $ 1, 600,000, while general and selling expenses amounted to $400,000. Compute net income for 2012, assuming revenues are recognized at the time of sale. Compute net income for 2012, using the installment method of accounting for sales and gross margin. Compute net income assuming revenues are recognized at time of sale and then assuming installment basis is used (L.O. 2)