CO A) Adam’s Adorable Creations Company provided the following financial information for its installment sales for the current

TCO A) Adam’s Adorable Creations Company provided the following financial information for its installment sales for the current year.Financial Data: Installment sales for current year $2,400,000 Cost of goods sold on installment basis $1,800,000 Repossessed merchandise: Estimated value $56,000 Repossessed merchandise: Unpaid balances $90,000 Payments by customers $1,750,000 Required: a) Prepare journal entries for the end of the year based on the information above. b) Prepare the entry to record the gross profit realized in the current year.