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Installment Sales: The following information pertain to problems #1 & #2: A machine was sold to Barbara Hurley for $10,800, including a 30% markup on selling price. Barbara made a down payment of 20%, four of the remaining 16 equal payments, and then defaulted on further payments. The machine was repossessed, at which time the fair value was determined to be $4,800. Problem #1 Compute the amount of the Installment Accounts Receivable Balance at the date of default: Problem #2 Prepare the journal entry to record the repossession