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Compute the balance in the deferred gross profit accounts

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Reference no: EM131592060

Question: (Gross Profit Calculations and Repossessed Merchandise) Basler Corporation, which began business on January 1, 2014, appropriately uses the installment-sales method of accounting. The following data were obtained for the years 2014 and 2015.

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(a) Compute the balance in the deferred gross profit accounts on December 31, 2014, and on December 31, 2015.

(b) A 2014 sale resulted in default in 2016. At the date of default, the balance on the installment receivable was $12,000, and the repossessed merchandise had a fair value of $8,000. Prepare the entry to record the repossession.

Reference no: EM131592060

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