On July 1, 2016, the Foster Company sold inventory to the Slate Corporation for $450,000. Terms of the sale called for a down payment of $112,500 and three annual installments of $112,500 due on each July 1, beginning July 1, 2017. Each installment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $166,500. The company uses the perpetual inventory system. Required: 1. Prepare the necessary journal entries for 2016 and 2017 using point of delivery revenue recognition. Ignore interest charges. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X: > 1 Record the installment sale of $450,000 using the point of delivery method. ethod. 2. Record the $166,500 cost of the installment sale using the point of delivery method. 3 Record the cash collection of $112,500 using the point of delivery method. Credit 4 Record the cash collection of $112,500 using the point of delivery method