14-31 Installment Sale. On July 1, 2018, G sold her summer cottage (basis $70,000) for $105,000. The sale contract provided for a payment of $30,000 at the time of sale and payment of the $75,000 balance in three equal installments due in July 2019, 2020, and 2021. Assuming a reasonable interest rate is charged on this deferred pay- ment sale, compute each of the following: Gross profit on the sale b. Total contract price Gross profit percentage d. Gain to be reported (excluding interest) in 2018 Gain to be reported (excluding interest) in 2019 f. . . . Gain to be reported in 2018 if G elects not to use the installment method