Business, 11.03.2020 23:16 quintasiahaskin

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 $460,000 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 2021, Rigsby would recognize realized gross profit of: Multiple Choice 0 $147200 0 $1,500,000 0 $460,000

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On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,400,000 for $5,000,000. Rig...

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