Question:Dunlop Company had installment sales of $1,000,000 in its first year of operations. The cost of goods sold on installment was $650,000. Dunlop collected a total of $500,000 on the installment sales. Using the installment method, how much gross profit should be recognized in the first year? 

A $140,000

B $175,000

C $350,000

D $500,000

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