what amount should astor report as deferred gross profit in its december 31 2006 bal 603344

Since there is no reasonable basis for estimating the degree of collectibility, Astor Co. uses the installment method of revenue recognition for the following sales:

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2006

2005

Sales

$900,000

$600,000

Collections from:

2005 sales

100,000

200,000

2006 sales

300,000

Accounts written off:

2005 sales

150,000

50,000

2006 sales

50,000

Gross profit percentage

40

%

30

%

What amount should Astor report as deferred gross profit in its December 31, 2006 balance sheet for the 2005 and 2006 sales?

$150,000
$160,000
$225,000
$250,000

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