The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2012 Installment sales $500,000 Cost of goods sold on installment 350,000 Collection from customers 180,000 Unpaid balances on merchandise repossessed 24,000 Estimated value of merchandise repossessed 11,200 Prepare journal entries at the end of 2012 to record the books prepare the entry to record the gross profit realized during 2012