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On January 1 2014 Wetzel Company sold property for $250000 The note will be collected as follows $12000 in 2014 $90000 in 2015 and

On January 1, 2014, Wetzel Company sold property for $250,000. The note will be collected as follows: $120,000 in 2014, $90,000 in 2015, and $40,000 in 2016. The property had cost Wetzel $150,000 when it was purchased in 2012. (a) Compute the amount of gross profit realized each year, assuming Wetzel uses the cost-recovery method. (b) Compute the amount of gross profit realized each year, assuming Wetzel uses the installment-sales method. Exercise 18-24 On January 1, 2014, Wetzel Company sold property for $250,000. The note mil be colected as follows: 5120,000 in 2014. 590,000 In 2015. and 540.000 n 2016. The property had cost Wetzel $150,000 when 4 was purchased in 2012.

Apr 22 2020 View more View Less

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