Coronado Land Sales sold for $245,000 a parcel of land that cost $180,000. The cost recovery method was appropriately used. Collections on the sale were: $60,000 in 2008, $90,000 in 2009, and $95,000 in 2010.
Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008, 2009, and 2010.

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The Answer of Coronado Land Sales sold for $245,000 a parcel of land that cost $180,000. The cost recovery method was appropriately used. Collections on the sale were: $60,000 in 2008, $90,000 in 2009, and $95,000 in 2010.
Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008, 2009, and 2010.

Coronado Land Sales Sold for $245,000 a Parcel of Land