Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013 and 2014:

	2013			2014
Installment sales	$	520,000		$	510,000
Cost of installment sales		312,000			408,000
Cash collections on installment sales during:
2013		180,000			135,000
2014					140,000

Required:
1.	How much gross profit should Charter recognize in 2013 and 2014 from installment sales? 2
w	hat should bethe balance in the deferred gross profit account at the end of 2013 and 2014?