Charter Corporation, which began business in 2016, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2016 and 2017 2016 2017 Installment sales Cost of installment sales Cash collections on installment sales $240,000 $265,000 92,000 201,400 during 2016 2017 66,000 90,000 102,000 Required Prepare summary journal entries for 2016 and 2017 to account for the installment sales and cash collections. The company uses the perpetual inventory system. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list 1 Record the 2016 installment sales 2 Record the 2016 cash collections from installment sales. 3 Record the 2016 recognized gross profit from installment sales 4 Record the 2017 installment sales Credit 5 Record the 2017 cash collections from installment sales. Record the 2017 recognized gross profit from installment sales 6