Accounting for special transaction

Portia Co. uses the installment method of income recognition. The entity provided the following pertinent data: 20x1 20x2 20x3 Installment sales P600,000 P750,000 P720,000 Cost of goods sold 450,000 570,000 504,000 Balance of deferred gross profit at year-end 20x1 105,000 30,000 20x2 108,000 18,000 20x3 144,000 REQUIRED: 1. Total balance of Installment Receivable on December 31, 20x3 Reginald Company, which began operations on January 5, 20x1, appropriately uses the install method of revenue recognition. The following information pertains to the operations for 20x1 and 20x2: 20x1 20x2 Sales P600,000 P900,000 Collections from: 20x1 sales 200,000 100,000 20x2 sales 300,000 Accounts written off from: 20x1 sales 50,000 150,000 20x2 sales 300,000 Gross profit rates 30% 40% REQUIRED: 2. Deferred gross profit on December 31, 20x2 3. Realized gross profit in 20x2