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(Installment-Sales Method Calculations, Entries) Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income...

(Installment-Sales Method Calculations, Entries) Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2010 and 2011. 2010 2011 Installment sales $900,000 $1,000,000 Cost of installment sales 594,000 680,000 Cash collections on sales of 2010 370,000 350,000 Cash collections on sales of 2011 -0- 450,000 (a) Compute the amount of realized gross profit recognized in each year. 2010 2011 Realized gross profit recognized $ $ (b) Prepare all journal entries required in 2011

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