The accounting department has prepared the following analysis of cash receipts

The accounting department has prepared the following analysis of cash receipts for the year. Cash sales (including repossessed merchandise) $424000Installment accounts receivable 2010 96000Installment accounts receivable 2011 109000Other 36000Total $665000Repossessions recorded during the year are summarized as follows. 2010Uncollected balance $8000Loss on repossession 800Repossessed merchandise 4800From the trial balance and accompanying information:(a) Compute the rate of gross profit on installment sales for 2010 and 2011.(b) Prepare closing entries as of December 31 2011 under the installment-sales method of accounting.(c) Prepare an income statement for the year ended December 31 2011. Include only the realized gross profit in the incomestatement.