Problem 1(Installment sales method] Ring Co. uses the installment method . Information on Ring Co.'s sales and collections is as follows: 2019 2020 Installment sales 1,000,000 1,300,000 Cost of Sales "00,000 345,000 Collections: from 2010 sales 500,000 300,000 from 2020 sales l050,000 Requirements: 1. Compute for the realized gross profit in each of the year 2019 and 2020 2. Compute for the balance of the installment receivable at the end of each of the years 2019 and 2020. 3. Compute for the deferred goods profit at the end of each of the years 2019 and 2020