Gupta industries recelved a $320,000 prepayment from Pachard Associates for the sule of new equipment. Gupta will bill Packard an addational $102,000 upon delivery of the ectipment Upon rectipt of the $320000 prepayment, how much should Gupta recognize for a contract asent a contract Rability and accounts recelvable? Mutigle Oroice Coctest oicet $320,000, convac isbility $0, occosnts receiveble, $102,000. Contrect onec so corenct lability $320,000 occoumts receivate, 5102,000