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How much is realized gross profit recognized in year of sale

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Problem 1: Garden Co. uses the installment sales method. Garden Co. sells a good costing ?10,000 for an installment sale price of ?16,000. Garden Co. accepts old merchandise as downpayment and gives the customer a trade-in value of ?4,000 for this merchandise. The fair value of the old merchandise is ?6,000. Subsequent cash collections during the period amount to ?6,000. How much is the realized gross profit recognized in the year of sale?

a. 6,667
b. 5,996
c.5,444
d. 5,333

Reference no: EM132739956

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