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Brown and Sue sell the motorcycle at 20% above its cost of goods and the estimated sales are made on an installment basis. In 2000

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Brown and Sue sell the motorcycle at 20% above its cost of goods and the estimated sales are made on an installment basis. In 2000 a repossession was made of the outstanding balance of accounts receivable installments of $15,000. the repossessed units have a resale value of $13,500. the company records this repossession at a value, which allows a normal margin on sales to be obtained. Prepare the journal entries to summarize the repossession in 2000

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