Question: Celluloid Development began operations in December year 1 . When property is sold on an installment basis, Celluloid recognizes installment income for financial reporting purposes

Celluloid Development began operations in December year

1 .

When property is sold on an installment basis, Celluloid recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. year

1

installment income was $

570, 000

and will be collected over the next

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