Reference no: EM132598626
Question - The Apple Company recognizes profit on credit sales on installment basis. At the end of 2021, before the accounts are adjusted, the ledger shows the following:
Installment Accounts Receivable,2020 337,500
Installment Accounts Receivable,2021 525,000
Deferred Gross Profit,2020 183,000
Deferred Gross Profit,2021 271,000
Regular Sales 1,500,000
Cost of Regular Sales 960,000
Each year the gross profit on installment sales was 8% lower than the regular sales, in 2021, the gross profit on installment sales was 4% higher than 2020.
How much is the total realized gross profit in 2021?
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