Gupta Industries received a $260.000 prepayment from Packard Associates for the sale of new equipment. Gupta wil bill Packard an additional $114.000 upon delivery of the equipment. Upon receipt of the $260.000 prepayment, how much should Gupta recognize for a contract asset, a contract liability, and accounts receivable? Mumple Choice Contract asset $260,000: contract abiitty 50. accounts receivable. 5114.000 O Contract asset 50 contractiblity: $260.000. accounts receivable. $14.000 O C Contract asset $0; contractibility: $260.000 accounts receivable 50 O Contract asset $260.000: contractity 50 accounts receivable 50 O Lake Power Sports soll jet skis and other powered recreational equipment Customers pay one third of the sales price of a jet skil when they initially purchase the sk, and then pay another one-third each year for the next two years. Because lako hasitle Information about the ability to collect these receivablet. It uses the Installment sales method for revenue recognition. In 2020, Lake began operations and told jetske with a total price of $1,020,000 that cost Lake $510,000 lake collected $340,000 in 2020, $340,000 in 2021, and $340,000 in 2022 associated with those sales. In 2021. Lako sold jet skis with a total price of $2.100.000 that cost Lake $1.260,000 Lake Collected $700.000 in 2021, $505,000 in 2022 and $505,000 in 2022 associated with those sales in 2023, Lake also reposcooted $390.000 of jet skit that were sold in 2021 Those jet ski had a fair value of $146.250 at the time they were repossessed Total cash collections on Installment cales during 2021 would be Murple Choice SO $1.000.000 $940.000 $340,000