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Problem 1: On December 31, 2016, BITWIT Co. sold construction equipment to XBOOST, Inc. for $1.8 million. The equipment had a carrying amount of $1.2 million. XBOOST paid $300,000 cash on December 31, 2016 and signed a $1.5 million note bearing interest at 10%, payable in five annual instalments of $300,000. BITWIT appropriately accounts for the sale under the instalment method. On December 31, 2017, XBOOST paid $300,000 principal and $150,000 interest. For the year ended December 31, 2017, what total amount of profit should BITWIT recognize from the construction equipment sale and financing?
a. $100,500 b. $200,000 c. $250,000 d. $300,000
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