How the repossessions resulted in gain of

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PETALCORIN Co. sells goods on the installment basis. For the year just ended, the following were reported:

Installment sales                 P3,000,000

Cost of installment sales       2,025,000

Collections on installment sales  1,800,000

Defaulted accounts                   200,000

Fair market value of repossessions 120,000

Problem 1: The repossessions resulted in gain (loss) of

Note: Write parenthesis to signify loss. Ex. 28,000 if your answer is a gain, (28,000) if loss.

Problem 2: How much is the realized gross profit in 2015?

Reference no: EM132674815

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