The Abbott Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations.

	2011	2012
Installment sales ............................	$480,000	$560,000
Cost of installment sales ....................	300,000	364,000
Gross profit .................................	180,000	196,000
Gross profit percentage ......................	37.5%	35%
Cash collections:
2011 Sales .................................	$190,000	$210,000
2012 Sales .................................	--	235,000

Record the transactions related to installment sales for 2011 and 2012.