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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?
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R7 500, after which the yearly payments will increase with R800 each year. The amount that she can expect to receive on the maturity date will be?
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