On January 1, 2010, Wetzel Company sold property for $200,000. The note will be collected...
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On January 1, 2010, Wetzel Company sold property for $200,000. The note will be collected as follows: $101,800 in 2010, $61,800 in 2011, and $36,400 in 2012. The property had cost Wetzel $150,000 when it was purchased in 2008. (a) Compute the amount of gross profit realized each year, assuming Wetzel uses the cost-recovery method. Year Gross Profit Realized 2010 = ? 2011 = ? 2012 = ? (b) Compute the amount of gross profit realized each year, assuming Wetzel uses the installment-sales method. Year Gross Profit Realized 2010 = ? 2011 = ? 2012 = ?
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