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Question - Below are the balances ascertained for BLUE Co.
Additional information for the year 2021:
(1) Blue Co. granted an allowance of P69,000 for the traded-in merchandise. The appraised value of the traded-in merchandise was P76,000 before refurbishing cost of P10,000
(2) An installment contract was written off and it came from the installment receivable from 2021 sales, and the written-off balance was 210,000
(3) A customer defaulted pertaining to installment receivable from 2020 sales, and the unpaid balance was 114,000. The appraised value of the repossessed merchandise after reconditioning cost of P11,000 was P64,700.
Required - What is the realized gross profit for the year 2021?
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