Malinta Company sells appliances on the installment basis Below are the information for the past three years: Installment Sales Cost of installment Sales Collection On 2012 Inst. Sales 2011 Inst. Sales 2010 Inst. Sales Required 2012 750,000 c. Loss on Repossession 450,000 275,000 180,000 125,000 a Realized Gross Profit in 2012 on collections of 2012 installment sales b. Deferred Gross Profit, end on December 2012 installment sales 2011 600,000 375.000 240,000 120,000 2010 400,000 Repossessions on defaulted accounts included one made on a 2012 sale for which the unpaid balance amounted to 5,000. The FMV after incurring a reconditioning cost of 500 is 5,500 260,000 150,000