An enterprise sells inventory for 80,000 that had an inventory cost of 40,000. The terms of the sale involve payments receivable of 10,000 in the first year, 45,000 in the second year, and 25,000 in the third year. The buyer of the inventory is a new firm with no credit history. #1 If the cost-recovery method of revenue recognition is used, the amount of gross profit to be recognized in the second year is? The Maginhawa Co. which began operation on January 1, 2020 uses the installment method of accounting. The following information is available for 2020. Cash collected, including down payments P962,425 Deferred gross profit at December 31, 2020 465,520 35% Gross profit on sales #2 The total amount of Maginhawa's installment sales for 2020 was? Following data were taken from the books of Makati Co. for 2021: 2020 P800,000 480,000 2021 P900,000 600,000 250,000 Installment sales Cost of installment sales Collections: 2020 installment contracts 2021 installment contracts Defaults and repossessions Uncollected balance of prior year's installment contract defaulted Value assigned to repossessed merchandise Assume perpetual inventory accounts were not maintained. 300,000 360,000 12,000 15,000 7,000 8,000 #3 The realized gross profit on 2020 installment sales during 2021 amounted to #4 The gain (loss) on repossession on defaulted 2021 contracts was #5 The unrealized gross profit on the 2020 installment sales as of December 31, 2021 was