FIN REPORTING 3

Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows.

Installment Receivables				Deferred Gross Profit				Gross Profit on Sales
2014		$14,800		2014		$8,800		2014		34%
2015		40,900		2015		29,200		2015		32%
2016		75,600		2016		70,500		2016		30%

Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit.