Repossession 9. Four Aces Company sold goods on installment basis. For the year just ended the following were reported. Installment sales P3,000,000 Cost of installment sales 2,025,000 Collection on installment sales 1.800.000 Repossessed accounts 200,000 Fair market value of repossession 120,000 The repossession resulted in a A Loss of P15,000 C. loss of P80,000 B. no loss, no gain D. gain of P5,000 24. Light Drops Co. Started operations on January 1, 19x3, selling home appliances on the installment basis. For 19x3 and 19x4, the following information are available: 19x3 19x4 Installment sales P1.200,000 P1,500,000 Cost of installment sales Collections of 19x3 sales 720,000 630,000 1,050.000 450.000 Collections on 19x4 sales 900,000 On January 6, 19x5, an installment sale account balance of 10x3 was defaulted and the merchandise, with current market value of P15,000, was repossessed. The account balance was P24,000. The balance of the unrealized gross profit account as at the end of 19x4 was A. P214.800 C. P275.000 BP228.000 D. P450,000