with solutions please! thank you

459 458 Installment Sales Method In 20x2, Morning Co. repossessed a property that was sold in 20x1 for P25,000. Total collections from this sale, were P12,000. Morning Co. expects to resell the property for P15,000 after reconditioning costs of P2,000. The normal profit margin from resale of repossessed inventory is 30%. Requirements: PROBLEM 4: FOR CLASSROOM DISCUSSION a. Compute for the gain or loss on repossession. b. Compute for the total realized gross profit in 20x2. Installment sales method c. Compute for the profit recognized in 20x2. 1. Ring Co. uses the "installment sales method." Information on Ring Co.'s sales and collections is as follows: Trade-in 20x1 20x2 3. Post Meridian (PM) Co. uses the "installment sales method." Installment sales 1,000,000 PM Co. sells new merchandise costing P10,000 to a customer Cost of sales 1,300,000 700,000 Collections: 845,000 for P16,000. PM Co. accepts old merchandise with fair value of P3,000 as trade-in and gives the customer a trade-in value of from 20x1 sales - from 20x2 sales 500,000 300,000 P4,000. PM Co. subsequently collects P6,000 from the 650,000 customer. Requirements: a. Compute for the realized gross profit in each of the years 20x] Requirements: and 20x2. a. Prepare the journal entry to record the sale. b. Compute for the balance of the installment receivable at the b. Compute for the realized gross profit in the year of sale. end of each of the years 20x1 and 20x2. C. Compute for the deferred gross profit at the end of each of the years 20x1 and 20x2. Repossession 2. Morning Co. uses the "installment sales method." Information on Morning's sales is as follows: Sales Cost of sales 20x1 20x2 Installment receivable - 20x1, Dec. 31 150,000 240,000 120,000 168,000 Installment receivable - 20x2, Dec. 31 90,000 30,000 180,000