On January 1, 2014, Wetzel Company sold property for $250,000. The note will be collected as follows:
Question:
(a) Compute the amount of gross profit realized each year, assuming Wetzel uses the cost-recovery method.
(b) Compute the amount of gross profit realized each year, assuming Wetzel uses the installment-sales method.
Exercise 18-24
On January 1, 2014, Wetzel Company sold property for $250,000. The note mil be colected as follows: 5120,000 in 2014. 590,000 In 2015. and 540.000 n 2016. The property had cost Wetzel $150,000 when 4 was purchased in 2012.
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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