(Answered) Question installment-sales method calculations entries

Accounting

Question: (Installment-Sales Method Calculations, Entries) Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.

(a) Compute the amount of realized gross profit recognized in each year.

(b) Prepare all journal entries required in 2015.

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