Accountancy, asked by aparnasingh1055, 4 months ago

18. In 2002, Argo, Co. bought 10 acres of commercial zoned land for $2,000,000. It sold the land to a developer in 2018 for $5,000,000. The developer paid Argo $1,000,000 at the closing of the sale and gave Argo a promissory note and mortgage for the remaining $4,000,000, plus 5% interest. The note is due in full on 12/31/2019. How much profit will Argo report on the sale for 2018, if Argo uses the installment method to account for this sale?
a. $600,000
b. $1,000,000
c. $3,000,000
d. $5,000,000

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Answered by Anonymous
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Answer:

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Explanation:

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Answered by Anonymous
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Answer:

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