Installment Sales Accounting London Corporation has been using the cash method to account for income since its first year of operation in 2015. All sales are made on credit with notes receivable given by the customers. The income statements for 2015 and 2016 included the following amounts:

Instructions: Give the journal entries for 2015 and 2016 assuming the installment sales method was used rather than the cash method. (Note: Round percentage to two decimal places.)