The records for Bosch Co. show this data for 2013:Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $240,000.Life insurance on officers was $3,800.Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Bosch may deduct 14% for 2013.Interest received on tax exempt Iowa State bonds was $9,000.The estimated warranty liability related to 2013 sales was $21,600.
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