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The peach corporation uses the cost recovery method of

The Peach Corporation uses the cost recovery method of recognizing revenue. It has accumulated the following related information:

Sale of property under cost recovery method ........ $50,000
Cost of property sold (net) ................ 30,000

Cash collections
Year 1 ........................ 12,000
Year 2 ........................ 20,000
Year 3 ........................ 18,000
Prepare the necessary journal entries for Years 1 and 2.

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Accounting Basics: The peach corporation uses the cost recovery method of

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