The following data were taken from the records of Sweet Serendipity Co. before the accounts are closed for the year ended December 31, 20x7. The company uses the installment method of recognizing revenue and it sells goods exclusively on installment basis. Installment Sales Cost of Goods Sold Installment AR, 20x5 Installment AR, 20x6 Installment AR, 20x7 DGP, 20x5 DGP, 20x6 DGP, 20x7 For the year ended: 12/31/20x512/31/20x612/31/20x7 ? P500,000 P600,000 300000 ? Balances as of: 12/31/20x512/31/20x612/31/20x7 P350,000 P125,000 P35,000 P307,500 P140,000 P490,000 P122,500 P43,750 P43,750 P123,000 P120,000 P210,000