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Prepare journal entries to record sale and cash collections

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Reference no: EM132490276

Point 1: Coronado Land Sales sold for $245,000 a parcel of land that cost $180,000. The cost recovery method was appropriately used.

Point 2: Collections on the sale were: $60,000 in 2012, $90,000 in 2013, and $95,000 in 2014.

Question 1: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2012, 2013, and 2014.

Reference no: EM132490276

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