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What is the collections during the year

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Reference no: EM132652449

KCP Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the following were reported:

Cost of installment sales P 1,050,000

Loss on repossessions 27,000

Fair value of repossessed merchandise 225,000

Account defaulted 360,000

Deferred Gross Profit, December 31 Adjusted 216,000

Problem 1: What is the collections during the year?

Reference no: EM132652449

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