ABC Co. uses the installment sales method. On January 1, 20x1,ABC Co. sold goods costing P780,717 for an installment sale price of P2,200,000 collectible as follows: 20% down payment Balance is collectible in five equal annual installments ofP352,000 starting on December 31, 20x1. The imputed rate of interest on this sale is 10%. Requirements: a.Compute for the gross profit rate based on sales. b. Compute for the realized gross profits in 20x1 and 20x2. c. Compute for the profits in 20x1 and 20x2. d. Compute for the deferred gross profits on December 31, 20X1 and 20x2.