Installment-Sales Method and Cost-Recovery Method
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On January 1, 2007, Barkly Company
sold property for $200,000. The note will be collected as follows: $100,000 in 2007, $60,000 in 2008, and
$40,000 in 2009. The property had cost Barkly $150,000 when it was purchased in 2005.
Instructions
(a) Compute the amount of gross profit realized each year, assuming Barkly uses the cost-recovery
method.
(b) Compute the amount
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Solution Summary
The expert examines installment sales method and the cost-recovery methods.
Solution Preview
Sales 200000
Cost 150000
Gross profit 50000
Gross profit ...
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