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1. what is the gross profit percentage? In Year 1 ABC Company sells equipment to XYZ Company for $400,000 in an installment sale. ABC Company

1. what is the gross profit percentage? image text in transcribed
In Year 1 ABC Company sells equipment to XYZ Company for $400,000 in an installment sale. ABC Company has a basis in the equipment of $250,000. In Year 1 ABC company will receive three payments totaling $300,000 and in year 2 the final payment totaling $100,000

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