INTERMEDIATE ACCOUNTING II QUIR 5 Score Problem (10 points) Parana Company appropriately uses the installment sales method in its financial statements. The following information is available for 20X4 and 20x5. installment sales are made on account. of accounting to recognize income All PARANA COMPANY INFORMATION FOR INSTALLMENT SALES FOR YEARS 20X4 AND 20X5 20x4 20X5 ,000,000 S Installment sales Cost of installment sales Cash collections on 20X4 sales Cash collections on 20X5 sales 1,200,000 840,000 300,000 500,000 650,000 600,000 REQUIRED: (1) (2) Calculate the amount of realized gross profit recognized for 20X4 and 20X5. Prepare the general journal entries, in proper form, to record all transactions related to installment sales for 20X4. Provide a brief explanation for the entries made. Assume all entries are made at the end of the fiscal year, which is the calendar year