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%
 

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(a)

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

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