On October 1, 2015, XYZ sold inventory to UCO.CO. for $320,000. Terms of the sale called for a down payment of $80,000 and three annual instalments of $80,000 due on each October 1, beginning October 1, 2016. Each instalment will also include interest on the unpaid balance, applying an appropriate interest rate. The inventory cost Runners $156,000. The company uses the perpetual inventory system. Prepare the necessary journal entries for 2015 and 2016 using the instalment sales method. Ignore interest charges. Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). a) Prepare a journal entry to record instalment sale.

b) Prepare a journal entry to record cash collection from instalment sale October 1, 2015.

c) Prepare a journal entry to recognize gross profit from instalment sale October 1, 2015.

d) Prepare a journal entry to record cash collection from instalment sale October 1, 2016.

e) Prepare a journal entry to recognize gross profit from instalment sale October 1, 2016.