Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the installment sales method for revenue recognition In 2017, Lake began operations and sold et skis with a total price ors720 000 that cost Lake S360 000 Lake collected $240000 r 20 $240,000 in 2018, and $240,000 in 2019 associated with those sales. In 2018. Lake sold jet skis with a total price of $1,230,000 that cost Lake $738,000. Lake collected $410,000 in 2018, $345,000 in 2019, and $345,000 in 2020 associated with those sales, In 2020, Lake also repossessed $130,000 of jet skis that were sold in 2018. Those et skis had a fair value of $48,750 at the time they were repossessed In 2019, Lake would recognize realized gross profit of Multiple Choice s 0. $378,000. $120,000. $258,000