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On January 1, 2007, Barkly Company sold property for $200,000. The note will be collected as follows: $100,000 in 2007, $60,000 in 2008, and$40,000 in 2009. The property had cost Barkly $150,000 when it was purchased in 2005.
Instructions
a) Compute the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method.
b) Compute the amount of gross profit realized each year, assuming Barkly uses the installmentsales method.
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