5. A company began operations on January 1, 20X1 and appropriately uses the installment method of accounting. The following information pertains to the company's operations for 20X1. COMPANY INFORMATION FOR INSTALLMENT SALES Installment sales 600,000 Cost of installment sales 360,000 General and administrative expenses 60,000 | Collections on installment sales 275,000 The balance in the deferred gross profit account at December 31, 20X1 should be: (a) $110,000. (b) $165,000. (e) $130,000. (d) $240,000