In 2012, Concord Inc. sells inventory with a cost of $32,000 for $50,000. Concord will receive payments of $14,000 in 2012, $26,000 in 2013, and $10,000 in 2014. If the cost-recovery method applies to this transaction, what would be the journal entry to recognize gross profit at the end of 2013? 
Definitions:
Miranda Rights
A legal doctrine requiring the police to inform a detainee about their rights to silence and legal counsel before questioning.
Constitutional Rights
Fundamental rights protected by the constitution of a country, such as freedom of speech and religion.
Right to Remain Silent
A legal principle that allows individuals to not answer questions from law enforcement or in court to avoid self-incrimination.
Probable Cause
A legal standard that requires a reasonable basis for believing that a crime may have been committed or that evidence of the crime is present in the place to be searched.
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