456. 14. How much was the gain or loss on the rep c. 2,124 m a. 1,927 d. 1,678 b. 1,867 (RPCPA) Use the following information for the next two questions: Cloudy Co. uses the installment sales method of accounting Information on Cloudy's past operations follows: 20x1 20x2 20x3 300,000 405,000 495,000 Installment sales Cost of sales 210,000 243,000 321,750 Gross profit rate 30% 40% 35% Installment accounts receivable, Dec. 31: - From 20x1 installment sales 180,000 135,000 60,000 - From 20x2 installment sales 300,000 195,000 - From 20x3 installment sales 390,000 In 20x3, a customer defaulted. Accordingly, the merchandise with an estimated value of P15,000 was repossessed. The sale was made P22,500. in 20x1 and the unpaid balance on the date of repossession was 15. How much was the total realized gross profit in 20x3? a. 98,400 (AICPA) d. 79,500 c. 89,400 d. 94,500 16. How much was the gain (loss) on the repossession in 20x3? a. (690) (AICPA) b. 690 c. (750) d. 750 Trade-in Use the following