Apps Save to BigOven Bookmarks Recipes 22 Google Calendar -... value 20.00 points Exercise 5-3 Installment sales method [LO5-3] Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013 and 2014 2013 2014 Installment sales $400,000 $390,000 Cost of installment sales 300,000 312,000 Cash collections on installment sales during: 2013 120,000 110,000 2014 110,000 Required: 1. How much gross profit should Charter recognize in 2013 and 2014 from installment sales? 2013 2014 Gross Profit 2. What should be the balance in the deferred gross profit account at the end of 2013 and 2014? 2013 2014 Balance in deferred gross profit account