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undefined On July 1, 2013, the Al Sultan group of companies sold inventory to the Slate Corporation for $260.000. Terms of the sale called for
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On July 1, 2013, the Al Sultan group of companies sold inventory to the Slate Corporation for $260.000. Terms of the sale called for a down payment of $ 65,000 and three annual installments of $65,000 due on July 1, beginning July 1, 2014. Each installment will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Al Sultan group $78.000. The company uses the perpetual inventory system. Compute the amount of cost recovered to be recognized in 2013 applying the installment sales methodStep by Step Solution
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