(Installment-Sales Computations and Entries) Presented below is summarized information Johnston Co., which sells merchandise on the installment basis. 2010 2011 2012 Sales (on installment plan) $250,000 $260,000 $280,000 Cost of sales 155,000 183,800 182,000 Gross profit $95,000 $96,000 $90,000 Collections from customers on: 2010 installment sales $75,000 $100,000 $50,000 2011 installment sales 100,000 120,000 2012 installment sales 100, 000 Instructions Prepare in journal form all entries required in 2012, applying the installment-sales method accounting. (Ignore interest changes.)