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What is the gain or loss on repossession

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Reference no: EM132716666

Problem 1: A company uses the installment method of reporting. The following data were gathered for its three years of operation: (see pic). In 2019, a customer defaulted,; accordingly, the merchandise with an estimated value of 15,000 was repossessed. The sale was made in 2017 and the unpaid balance on the date of repossession was 22.500. What is the gain or loss on repossession 2019? What is the total realized gross profit in 2019?

Reference no: EM132716666

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