AIR Co. uses installment sales method. The following information was taken from AIR's records: Deferred GP (adjusted ending balance) From 20x1 sale From 20x2 sale Gross Profit based on sales Cash collections from 20x1 sales 20x2 sales 20x1 240,000 40% 400,000 Required: a. Compute for the balances of installment receivable on 31 December 20x2 b. Compute for the installment sales in 20x1 and 20x2 20x2 160,000 324,000 45% 200,000 480,000