Business, 24.03.2020 06:25 mjwaple57

On December 15, 2021, Lima Lighting Co. sold a tract of land that cost $3,600,000 for $4,500,000. Lima 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, 2022, and December 15, 2023. Ignore interest charges. Lima has a December 31 year-end. In 2021, Lima would recognize realized gross profit of.

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On December 15, 2021, Lima Lighting Co. sold a tract of land that cost $3,600,000 for $4,500,000. Li...

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