Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2016 and 2017 is as follows: 2016 2017 Sales Cost of sales Customer collections on: $320,000 $420,000 224,000 273,000 2016 sales 2017 sales 110,000 160,000 130,000 Required 1. Calculate the amount of gross profit that would be recognized each year from installment sales 2016 2017 Gross profit