Reference no: EM131106477
On January 2, 2010, Blake Co. sold a used machine to Cooper, Inc. for $900,000, resulting in a gain of $270,000. On that date, Cooper paid $150,000 cash and signed a $750,000 note bearing interest at 10%.
The note was payable in three annual installments of $250,000 beginning January 2, 2011. Blake appropriately accounted for the sale under the installment method.
Cooper made a timely payment of the first installment on January 2, 2011, of $325,000, which included accrued interest of $75,000. What amount of deferred gross profit should Blake report at December 31, 2011?
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