2. Completion Inc prepare the following table to summarize their installment sales for the past 3 years

2020 2021 2022

Installment Sales $120,000 $200,000 $100,000

COGS 90,000 160,000 70,000

GP 30,000 40,000 30,000

Cash Collected from 20 sales $60,000 10,000 30,000

Cash Collected from 21 sales -0- 150,000 20,000

Cash Collected from 22 sales -0- -0- 80,000

REQUIRED:

Determine Realized Gross Profit over the three years.

Determine the balance in the Deferred Gross Profit account on 12/31/2022.