* PROBLEM 9.8 Camdend Ltd, which began operations on 1 January Year , appropriately uses the instalment method for its instalment sales. The following data were obtained from its records for Year 1: Instalment sales $700 000 Cost of instalment sales 420000 General expenses 70 000 Cash collections on instalment sales 300 000 Required A. Record the journal entries relating to the instalment sales, using a deferred gross profit account B. Calculate the realised gross profit, showing it as the difference between revenue and cost of goods sold