On July 1, 2013, the Foster company sold inventory to the slate corporation for 300,000. Terms of the sale called for a down payment of $750000 and three annual installments of $750000 due on each July 1, beginning July 1, 2014. Each installment will also include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $120,000. The company uses the perpetual inventory system. 1. prepare the necessary journal entries for 2013 and 2014 using point of delivery revenues recognition. Ignore interest charges. 2. repeat requirements 1 applying the IFRS method for significant uncertainty in collectibility. 3. Repeat requirements 1 applying the installment sales method. 4. Repeat requirements 1 applying the profit deferral method.