Question

The Peach Corporation uses the cost recovery method of recognizing revenue. It has accumulated the following related information:
Sale of property under cost recovery method ........ $50,000
Cost of property sold (net) ................ 30,000
Cash collections
Year 1 ........................ 12,000
Year 2 ........................ 20,000
Year 3 ........................ 18,000
Prepare the necessary journal entries for Years 1 and 2.



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  • CreatedDecember 09, 2013
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