Question: Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis. Instructions (a) Compute the realized gross profit for each of

Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

Presented below is summarized information for Johnston Co., which sells merchandise on

Instructions
(a) Compute the realized gross profit for each of the years 2012, 2013, and 2014.
(b) Prepare in journal form all entries required in 2014, applying the installment-sales method of accounting. (Ignore interest charges.)

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