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42. Wedtec Enterprises, which began operations on January 1, appropriately uses the installment method of accounting. The following information is available for its first year: Gross profit on sales ... 40% Deferred gross profit at December 31 ... $120,000 Cash collected, including down payments $225,000 What is the total amount of Wedtec's installment sales for the first year? a $300,000 b. $345,000 c. $425,000 d. $525,000 ANS: D OBJ: LO 5