On July 1, 2016, Apache Company, a real estate developer, sold a parcel of land to a construction company for exist3, 080,000. The book value of the land on Apache's books was exist1, 320,000. Terms of the sale required a down payment of exist220,000 and 13 annual payments of exist220,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2017. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at the point in time at which it transfers the land to the construction company