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Tokyo Corporation is a real estate development company that sells lots for construction of luxury...

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Accounting

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Tokyo Corporation is a real estate development company that sells lots for construction of luxury homes. The company is required to use the installment method for recognizing revenue due to the uncertainty of collection of the installments. Information concerning installment sales and related information is provided below. TOKYO CORPORATION INFORMATION FOR INSTALLMENT SALES AND COLLECTIONS ON INSTALLMENT SALES FOR YEARS 20XO THROUGH 20X 20X0 20x1 20X2 Installment Sales Cost of Installment Sales Collections on 20XO Sales Collections on 20X1 Sales Collections on 20X2 Sales 400,000 S 250,000 40,000 600,000S 420,000 80,000 90,000 800,000 520,000 100,000 120,000 160,000 REQUIRED: (1) Prepare the general journal entries, in proper form, that are required to record the installment sales data for the years 20X0 through 20X2. Provide a brief explanation for each entry Calculate the ending balances in the following accounts for each year 20X0 through 20X2. (a) Installment accounts receivable. (b) Deferred gross margin (profit). (2)

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