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2019 2020 2021 Installment sales 226000 248000 261000 Cost of installment sales 164980 176080 195750 Gross profit 61020 71920 6520 Rate of Gross Profit 0.27

2019 2020 2021
Installment sales 226000 248000 261000
Cost of installment sales 164980 176080 195750
Gross profit 61020 71920 6520
Rate of Gross Profit 0.27 0.29 0.25
Cash receipts
2019 sales 85000 96000 45000
2020 Sales 123000 87000
2021 sales 147000
Total cash collected in year 85000 219000 279000

Do the Cost Recovery Method of accounting for installment sales for 2019, 2020, 2021. Show the journal entry where we recognize GP, in each of the three years under the Cost Recovery Method.

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