Lazaro inc sells goods on the installment basis and uses

Reference no: EM13590864

Lazaro, Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $840, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $650, and the fair value of the repossessed merchandise is $293. Prepare Lazaro's entry to record the repossession.

Reference no: EM13590864

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