show working

Deferred Gross Profit _The following facts pertain to questions 3-4. In 2012, Claymore Manufacturing sells inventory with a cost of $40,000 to HiBrand Company for $70,000. HiBrand will make payments of $30,000 in 2012, $28,000 in 2013, and $12,000 in 2014. The cost-recovery method applies to this transaction. Problem #3: Complete the following schedule for Claymore (for 2013 - 2014) 2012 2013 2014 Cash Collected Revenue Cost of Goods Sold Deferred Gross Profit Less: Recognized Gross Profit Deferred Gross Profit Balance Problem #4: Record the Journal entries on Claymore's books to record the gross profit for 2013 & 2014