Business, 18.09.2019 05:10 JvGaming2001

On december 15, 2021, rigsby sales co. sold a tract of land that cost $3,800,000 for $5,000,000. rigsby appropriately uses the installment sales method of accounting for this transaction. terms called for a down payment of $490,000 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.
(1) in 2021, rigsby would recognize realized gross profits of
(2) in 2021, rigsby would recognize realized gross profits of
(3) in its december 31, 2022, balance sheet, rigsby would report:

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On december 15, 2021, rigsby sales co. sold a tract of land that cost $3,800,000 for $5,000,000. rig...

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