XZ had an installment sales of $1000000 and cost of installment sales of $ 700000 in 2010 .A 2010 sale resulted in default in 2012 ,at wich timethe balance of the installment receivable was $30000.The repossessed merchandise had a fair value of $15000
1.Calculate the rate of gross profit on 2010 installment sales
2.Make the entry to record the repossession