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A company sold a computer on an installment basis on October 1, 2019. The unit cost to the buyer was P86,400, but the installment selling price was set at P122,400. The terms of payment included the acceptance of a used computer with a trade-in allowance of P43,200. Cash of P7,200 was paid in addition to the traded-in computer with the balance to be paid in ten monthly installments due at the end of each month commencing the month of sale.
Problem 1: It would require P1,800 to recondition the used computer so that it could be resold for P36,000. A 15% gross profit was usual from the sale of used computer. The realized gross profit from the 2019 collections amounted to:
a. 5,760b. 48,960c. 11,520d. 14,100
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