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Compute the realized gross profit as of december

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Question - OHM sold a specialized machine for P 300,000 at a mark-up of 50% above cost. A trade-in was accepted as a down-payment and was allowed a trade-in value of P 50,000. The balance was payable in five semi-annual installments starting June 6, 2014. Ohm uses the installment method to account for the sale. Assuming that the trade-in has a fair value of P 70,000, compute the realized gross profit as of December 31, 2014.

a. P28,570

b. P32,284

c. P37,500

d. P45,000

Reference no: EM132598544

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