Solve the below problem:
Q: Curiosity Company provided the following financial information for its installment-sales for the current year. Financial Data: Installment sales for current year $ 800,000 Cost of Goods Sold on installment basis $ 600,000 Payments by customers $ 320,000 Repossessed Merchandise - Unpaid balances $ 52,000 Repossessed Merchandise - Estimated Value $ 26,800 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.