High Point Realty Company makes all sales on the installment basis but uses the sales method to record revenue. The company's income statements for the most recent three years are as follows:

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Compute the amount of net income High Point would have reported if the company had used the installment method for revenue. Ignore the effect of uncollectible accounts, and present your answer in the following format:

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Sales Cost of goods sold Gross profit........ Operating expenses... Net income (net loss) Collections from sales of year 1 Collections from sales of year 2 Collections from sales of year 3 Year 1 Year 2 Year 3 $380,000 $404,000 $370,000 190,000 181,800 199,800 190,000 222,200 170,200 104,000 121,700 115,100 $ 86,000 $100,500 $ 55,100 $140,000 $151,000 $ 72,000 143,000 209,000 163,000