INSTALLMENT SALES: The Azhar Trading Company reports gross profit on installment basis. The following data are available: 2017 Cost of Installment sale Unrealized gross profit Rs.1800,000 1296,000 504,000 Installment salos 2015 Installment sales Rs.435,000 COLLECTIONS AGAINST: 2016 Installment sales 450,000 2017 Installment sales 375,000 DEFAULTS Unpaid balance of 2016 Value assigned to repossessed merchandise 196,000 57,000 Prepare entries for 2017, including adjusting and closing entries of pervious years. Assume that company uses Perpetual Inventory System. The unrealized gross profit rate in 2015 was 25% and in 2016 was 30% UIRED