On December 15, 2018, Rigsby Sales Co. sold a tract of land that cost $3,700,000...
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Accounting
On December 15, 2018, Rigsby Sales Co. sold a tract of land that cost $3,700,000 for $5,000,000. Rigsby appropriately uses the installment sales method of accounting for this transaction. Terms called for a down payment of $470,000 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:
Multiple Choice
$ 0.
$488,900.
$588,900.
$638,900.
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