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Use the following information for the next (up questions: Rooster Co. uses the installment sales method. Relevant information follows: 20x1 20x2 Sales 300,000 480,000 Cost of sales 240.000 336.000 Installment receivable - 20:11 160,000 60,000 Installment receivable - 20x2 360,000 Rooster Co. repossessed a property that was sold in 20x1 for 1'50,000. Total collections from this sale were P24,000. Rooster Co. expects to resell the property for P30,000 after reconditioning costs of P4,000. The normal prot margin on resale of repossessed preperty is 30%. 3. How much is the gain or loss on repossession? 4. How much is the total realized gross prot in 20m? 5. Garden 00. uses the installment sales method. Garden Go. sells a good costing P10.000 for an installment sale price of P16,000. Garden Co. accepts old merchandise as down payment and gives the customer a tradeLin value of P4,000 for this merchandise. The fair value of the old merchandise is 156,000. Subsequent cash collections during the period amount to 1'6,000. How much is the realized gross profit recognized in the year of sale? 6. Demolish Co. uses the "cost recovery method\" (traditional accounting based on old US GAAP). The records of Demolish Go. show the following information: 20x1 20x2 Sales 10,000 15.000 Cost of sales 8,000 9,000 Cash collections: - from 20x1 sales 1000 3.000 - from 20x2 sales 12.000 How much is the gross profit recognized by Demolish in 20x2