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ACCT 3311- Intermediate Accounting Assignment for Ch.5 lewa Development (TD) made the Sollowing land sales and had the following cash collections 2012 Sold Alloona land for 52.000,000th cost ID 51.200000 The land agreement regared payments of $1.000 000 within one week of ocospancy of the lanil and the other 1000000 an 2013 ID recenved the $1.00000 payment 013 Seld Boone land for $2.00,000th st ID $1.300,000 he land agrment gared payments of 58000000 within one week of ocoupancy of the land and klition payments of $800,000 in 2014 and 2015 ID reoerved the 5800,000 paymest and als S500,000 payment for the Atoona land Assume ID can estimate uncollectible accounts accurately, accrues bad debts at 9% of sales, and recognizes revenue upon transfer of titk Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) 2012 and 201 3. Assume ID cannot estimate uncollectible accounts accurately and recognizes revenue using the IFRS method for significant uncertainty in collectibility Required: Prepare journal entries to recond the sale, cash collections, and recognition of gross profit (if appropriate) in 2012 and 2013 Assume ID cannot estimate uncollectible accounts accurately and recognizes revenue using the installment sales method under U.S. GAAP Required: Prepare journal entries to record the sale, cash cellections, and recognition of gross profit (if appropriate) in 2012 and 2013