At December 31 2010 Grinkov Corporation Had The Following Account

At December 31, 2010, Grinkov Corporation had the following account balances.

Installment Accounts Receivable, 2009……………………$ 65,000

Installment Accounts Receivable, 2010…………………….110,000

Deferred Gross Profit, 2009……………………………………….23,400

Deferred Gross Profit, 2010……………………………………….41,800

Most of Grinkov’s sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov’s December 31, 2010, balance sheet. The 2009 accounts are collectible in 2011, and the 2010 accounts are collectible in 2012.

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