Reference no: EM132674815
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?
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