TIKTOK Company which began business on January 1, 2020, appropriately uses the installment sales method of accounting, the following data are available for 2020: Installment accounts receivable, 12/31/2020 P200,000 Deferred

TIKTOK Company which began business on January 1, 2020, appropriately uses the installment sales method of accounting, the following data are available for 2020: Installment accounts receivable, 12/31/2020 P200,000 Deferred Gross Profit, 12/31/2020 (before recognition 140,000 of realized gross profit) Gross Profit on Sales 40% The cash collections and the realized gross profit on installment sales for the year ended December 31, 2020 should be: Cash Collections Realized Gross Profit a. P100,000 P80,000 b. 100,000 60,000 c. 150,000 80,000 d. 150,000 60,000