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question use the following information for the next two questions colton company sol 4282339

Question

Use the following information for the next two questions

Colton Company sold stud that cost $240,000 for $600,000 on January 1, 2015.

                Cash collections were as follows

                                2015                                       $150,000

                                2016                                       $250,000

                                2017                                       $200,000

24). The profit to be recognized in the first year (2015) using the installment sale method of accounting is:

A). $90,000.00

B). $–0-

C). $100,000.00

D). $150,000.00

E). $184,426.23

25). The profit to be recognized in the second year (2016) using the cost recovery method of accounting is:

A). $143,442.62

B). 250,000.00

C). $10,000.00

D). $90,000.00

E). $160,000.00

 

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