E18-21 (Gross Profit Calculations and Repossessed Merchandise) Basler Corporation, which began business on January 1, 2014, appropriately uses the installment-sales method of accounting. The following data were obtained for the years 2014 and 2015. 2014 2015 Installment sales $750,000 $840,000 Cost of installment salon 510,000 588,000 General & administrative expenses 70,000 84.000 Cash collections on sales of 2014 310,000 300,000 Cash collections on sales of 2015 -0- 400,000 Instructions (a) Compute the balance in the deferred gross profit accounts on December 31, 2014, and on December 31, 2015. (b) A 2014 sale resulted in default in 2016. At the date of default, the balance on the installment receive able was $12,000, and the repossessed merchandise had a fair value of $8,000. Prepare the entry to record the repossession (AICPA adapted)