Business, 19.03.2020 09:26 myaxo

On December 15, 2018, Rigsby Sales Co. sold a tract of land that cost $3,200,000 for $5,000,000. Rigsby appropriately uses the installment sales method of accounting for this transaction. Terms called for a down payment of $400,000 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 $3,200,000 for $5,000,000. Rig...