Problem 10. The following data were taken from the records of Sweet Serendipity Co. before the accounts are closed for the year ended December 31, 2015. The company uses the installment method of recognizing revenue and it sells goods exclusively on installment basis. For the year ended: December 31, 2013 December 31, 2014 December 31, 2015 7 Installment Sales P500,000 P600,000 9 7 Cost of Goods Sold P300,000 . Balances as of: December 31, 2013 December 31, 2014 December 31, 2015 Installment AR, 2013 P350,000 P125,000 P35,000 Installment AR, 2014 P307500 P140,000 Installment AR, 2015 P490,000 DGP, 2013 P122,500 P43,750 P43,750 DGP, 2014 P123,000 P120,000 DGP, 2015 P210,000 On January 2015, a customer defaulted and Sweet Serendipity repossessed the merchandise. The merchandise was assessed to have a cost of P4,200 after costs of reconditioning amounting to P800. The repossessed merchandise was purchased by the customer in 2014 and the said customer still owed the company a certain amount at the date of repossession. How much was the realized gross prot and loss on repossession in 2015? P134,000 ; P300 P134,000 ; P1,100 P137,000 ; P3,300 P137,000 ; P4, 100 53.0.03