Thrifty Furniture Store began operations on January 2, 2018. Thrifty uses the COST RECOVERY Method of Accounting for revenue recognition. Thrifty's gross profit percent was 35% for 2018. Total installment sales were $1,000,000 for 2018 and the ending balance in Installment Accounts Receivable was $300,000. What is the deferred gross profit as of December 31, 2018?

		$17,500
		$50,000
		$332,500
		$350,000