Solved: The property had cost 20000 when it was purchased in 1998, Accounting Basics

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The property had cost 20000 when it was purchased in 1998

Question - On April 1 2009 joy ltd sold a land for $100,000. The note will be collected as follows: $20,000 in 2009, $30,000 in 2010 and $50,000 in 2011. The property had cost $20,000 when it was purchased in 1998. Under installment-sale method, what is the amount of gross profit realized in year 2011?

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Accounting Basics: The property had cost 20000 when it was purchased in 1998

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Accounting Basics: The property had cost 20000 when it was purchased in 1998

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