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On April 1, Year 1, Brooks Company sells inventory costing $60.000 for $120.000 The sales agreement states that the buyer will pay $16.000 down and

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On April 1, Year 1, Brooks Company sells inventory costing $60.000 for $120.000 The sales agreement states that the buyer will pay $16.000 down and 26 equal monthly installment payments, with the first payment beginning on May 1 Year 1 Required: Compute the amount of gross profit to be recognized for each of the three years

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