A company sold 3 yachts during 2010 each for a sales price

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A company sold 3 yachts during 2010, each for a sales price of 500,000 and a cost of 295,000. Company requires all customers pay 10% of the sales price in cash at the time of sale. During 2010, they collected an additional 300,000 cash from installment customers. Assuming these sales qualify for the installment sales method of accounting, what amount of realized gross profit will they record in 2010?

Reference no: EM13604455

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