2. The following information was taken from the records of Muler Corporation and the Company's year end is December 31.
2004 2005 2006
Sales on Installment....500,000........600000.....700000
Cost of Sales..400,000......450000.....600000
Gross Profit.... 100,000.......150000......100000
Cash Receipts
From 2004 sale... 225,000........280000.....45,000
From 2005 sale.........310,000........230000
From 2006 sale...............................450,000 Required: Compute the amount of realized gross profit on installment sales and deferred gross profit to be reported in the year-end-financial statement of Muler Corporation for the three years.
