Four years ago, mr. b sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. mr. b properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. at the start of this year, the buyer defaulted on the contract, and mr. b repossessed the property. at the time of repossession, the property had a fair market value of $160,000. what is the gain or loss to be reported on the repossession?

Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?