Question: During the year ended December 31, 2013, Cunningham Realty Partners sold a tract of land costing $80,000 for $120,000. The customer agreed to pay the

During the year ended December 31, 2013, Cunningham Realty Partners sold a tract of land costing $80,000 for $120,000. The customer agreed to pay the purchase price in four equal annual installments, with the first payment made on December 31, 2013. Compute revenue, expense, and income before income taxes for each of the four years using the installment method and the cost recovery method.

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