connect. Fall 2017-Intermediate Accounting I ACC JACCOUNTING mediate Acc Test chapters 5, 6, & 7 Question 1 (of 8) Sav 12.50 points er Corporation, which began business in 2013, appropriately uses the installment sales method of for its installment sales. The followin ig data were obtained for sales made during 2013 and 2014: Installment sales Cost of installment sales Cash collections on installment sales during 20132014 $360,000 $350,000 234,000 245,000 2013 2014 50,000 100,000 120,000 Required: 1. Gross Profit 2. What should be the balance in the deferred gross profit account at the end of 2013 and 2014? 2013 2014 Balance in deferred gross profit account Hints References