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On december 15, 2018, rigsby sales co. sold a tract of land that cost $3,600,000 for $4,500,000. rigsby appropriately uses the installment sales method of accounting for this transaction. terms called for a down payment of $500,000 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. at december 31, 2019, rigsby would report in its balance sheet:
(a)-deferred gross profit of $828,000.
(b)-cost of installment sales $1,472,000.
(c)-realized gross profit of $400,000.
(d)-realized gross profit of $828,000.
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On december 15, 2018, rigsby sales co. sold a tract of land that cost $3,600,000 for $4,500,000. rig...
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