43) Paras Company began operations on January 2, 20x7, and appropriately used the installment sales method of accounting. The following data are available for 20x7 and 20x8: 20x7 Installment sales Gross profit on sales Cash collections from: 20x7 sales 20x8 sales 20x8 a. P1,440,000 b. P1,040,000 c. P920,000 d. P2,600,000 P3,000,000P3,600,000 30% 40% P1,000,000P1,200,000 The realized gross profit for 20x8 is 1,400,000