On July 1. 2016. The Foster Company sold inventory to the Slate Corporation for $300,000. Terms of the sale called for a down payment of $75,000 and three annual instalments of $75,000 due on each July 1, beginning July 1. 2017. Each instalment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $120,000. The company uses the perpetual inventory system. Required: Compute the amount of gross profit to be recognized from the instalment sale in 2016, 2017, 2018, and 2019 if revenue was recognized upon delivery. Ignore interest charges