In 2004, Downtown Corporation had installment sales of $360,000, installment sales cost of goods sold of $270,000, and cash receipts on 2004 installment sales of $120,000. In addition, cash receipts on 2003 installment sales of $140,000 were also recorded in 2004. The gross profit rate in 2003 was 30%. Assuming that Downtown uses the installment method, the total gross profit on installment sales recognized in 2004 would be:

		a. $30,000
		b. $65,000
		c. $72,000
		d. $78,000