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Winter Corporation accounts for all sales of its merchandise on the installment basis. Following is the unadjusted trial balance at 12/31/14: Additional Data: 2014 Gross Profit Rate = 32%; Inventory 12/31/14 = $159,000; Repossessed merchandise 12/31/14= $14,000; Merchandise sold in 2015 was repossessed in 2014 and the following entry was prepared (assume correctly): Deferred Gross Profit-2015................................ 14,000 Repossessed Merchandise 22.000 Loss on Repossession............ 4,000 Installment Accounts Receivable-2015... 40.000 Instructions Determine collections during 2014 on Installment AIR for each of the years 2012, 2013, and 2014. Without prejudice to your answer in Part (a), assume that total collections on Installment Accounts Receivable during 2014 were $1, 060,000; $220,000 from 2012, $300,000 from 2013, and $540,000 from 2014. Prepare all necessary adjusting and closing entries at 12/31/14