On January 1, 2014, Wetzel Company sold property for $529,000. The note will be collected as follows: $201,000 in 2014, $171,000 in 2015, and $157,000 in 2016. The property had cost Wetzel $338,560 when it was purchased in 2012. (a) Compute the amount of gross profit realized each year, assuming Wetzel uses the cost-recovery method for years 2014,2015 and 2016

(b)Compute the amount of gross profit realized each year, assuming Wetzel uses the installment-sales method for years 2014,2015 and 2016