Sahara Desert Homes (SDH) reports under IFRS and constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount Cost: 2017 2018 2017 2018 $3,000,000 1,200,000 600,000 800,000 400,000 Gross profit: Contract billings: 2017 1,500,000 2018 1,500,000 SDH uses the cost recovery method under IFRS to recognize revenue. In its December 31, 2017, balance sheet, SDH would report: Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount Cost: Gross profit: 2017 2018 2017 2018 2017 2018 $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 Contract billings: ADH recognizes revenue over time with respect to these contracts. What would be the journal entry made in 2017 to record revenue? On December 15, 2018, 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 $430,000 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 2019, Rigsby would recognize realized gross profit of