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Mandarin Partners appropriately uses the instalment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.
2014 2015 Instalment sales $300,000 $750,000
Cost of instalment sales 255,000 660,000
Cash collections on 2014 sales 70,000 201,000
Cash collections on 2015 sales –0– 216,000
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