i need help with quesstion 7 & 8.

7. Sawyer Furniture Company concluded its first year of operations in which it made sales of $900,000, all on installment. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $620,000; the cost of merchandise on hand at the end of the year was $80,000. Instructions Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the Deferred (unrealized) gross profit; (d) the realized gross profit include closing entry in your journal entries. (e) At the end of the year, merchandise costing $360,000 was repossessed when its fair market value was $300,000, make necessary entries for the repossession. 8. Dalton Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are: 2012 $3,300,000 2013 $2,750 Costs incurred during each year 2,700,000 Estimated costs to complete Dalton uses the percentage-of-completion method. Instructions How much profit or loss should be reported for years 2012 and 2013. Show your computation. Eric Pald