Refer to the situation described in BE 5-35. What should be the balance in the deferred gross profit account at the end of 2019 applying the installment sales method?

In BE 5-35

On July 1, 2018, Apache Company sold a parcel of undeveloped land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,200,000. Terms of the sale required a down payment of $150,000 and 19 annual payments of $150,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2019. Apache has no significant obligations to perform services after the sale.