Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows. Installment Receivables   Deferred Gross Profit   Gross Profit on Sales 2014   $14,800   2014   $8,800   2014   34% 2015   40,900   2015   29,200   2015   32% 2016   75,600   2016   70,500   2016   30%

(a) Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit.

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