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(Installment-Sales Method Calculations, Entries) Mandarin Partners appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.
2014 2015
Installment sales $300,000 $750,000
Cost of installment sales 255,000 660,000
Cash collections on 2014 sales 70,000 201,000
Cash collections on 2015 sa -0- 216,000
Instructions
(a) Compute the amount of realized gross profit recognized in each year.
(b) Prepare all journal entries required in 2015.
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