Anibonita Company began operations in 2010. It sells goods on installment sales contracts; these transactions are considered to be exceptional, so it uses the installment method to recognize gross profit. The following is a summary of the installment sales, costs of installment sales, operating expenses, and collections for 2010 and 2011:
![1303_268-B-A-R-R (432).png](https://secure.tutorsglobe.com/CMSImages/1303_268-B-A-R-R (432).png)
Required:
Using the installment method to recognize gross profits, prepare 2010 and 2011 condensed income statements for the AnibonitaCompany.