Johnson Company provided the following financial information for its installment-sales for the current year:
Installment Sales for the Current Year $800,000
Cost of Goods Sold on Installment Basis $600,000
Payments by Customers $320,000
Repossessed Merchandise – Unpaid Balances $52,000
Repossessed Merchandise – Estimated Value $26,800
A) Prepare Journal Entries for the end of the year based on the information above.
B) Prepare the Entry to record Gross Profit realized in the current year.
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