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MAGIGING CPA AKO Co. uses the installment method. MAGIGING CPA AKO Co.'s records show the...

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Accounting

MAGIGING CPA AKO Co. uses the installment method. MAGIGING CPA AKO Co.'s records show the following balances:

  • Installment Receivables - Jan. 1, 2020 0
  • Installment Sales 1,000,000
  • Cost of Sales 800,000
  • Installment Receivables - Dec. 31, 2020 600,000
  1. How much is the realized gross profit for the year 2020?
  2. How much is the deferred gross profit on December 31,2020?

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