Sawyer Furniture Company concluded its first year of operations in which it made sales of $800,000, all on installment.

Sawyer Furniture Company concluded its first year of operations in which it made sales of $800,000, all on installment. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000.Instructionsusing the installment-sales method, make summary entires to record:(a) the installment slaes and cash collections;(b) the cost of installment sales;(c) the unrealized gross profit(d) the realized gross profit