On November 15, 2016, LaGrow Developers Sold a Parcel of Land

question 90

Multiple Choice

On November 15, 2016, LaGrow Developers sold a parcel of land for $6,000,000. They had originally paid $3,600,000 for the land. The terms of the sale called for a $2,000,000 down payment, and the balance in two equal installments payable on November 15, 2017 and November 15, 2018. Disregard interest charges. LaGrow has a December 31 year-end. Refer to LaGrow Developers. Assuming that LaGrow uses the installment sales method, the company would recognize gross profit in 2017 of ________. (Do not round intermediary calculations, and round your final answer to the nearest whole dollar.)

• A) $0
• B) $800,000
• C) $2,000,000
• D) $4,000,000

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Definitions:

ECG

Electrocardiogram; a diagnostic tool that measures and records the electrical activity of the heart, helping detect heart abnormalities.

QRS Complex

A series of three deflections on an electrocardiogram (ECG) representing the electrical activity during the ventricular contraction phase of the heart cycle.

ECG

Electrocardiogram, a diagnostic tool that records the electrical activity of the heart, used to detect heart conditions by measuring the timing and duration of each electric phase in the heartbeat.

QRS Complex

A series of deflections in an electrocardiogram (ECG) representing ventricular depolarization before the main pumping action of the heart.