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Company began operations on January 1, 2010, and appropriately uses the installment method of accounting. The following data are available for 2010:
Installment accounts receivable: 12/31/2010 $600,000Installment sales for 2010: $1,050,000Gross Profit on sales 40%
Under the installment method, company's deferred gross profit at December 31, 2010 would be.
a. 360,000b. 270,000c. 240,000d. 180,000
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