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 intrally purchase the sky, 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 2020, Lake began operations and sold jet skis with a total price of $40,000 that cost Lake $570,000. Lake collected $380,000 in 2020, $380,000 in 2021, and $380,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,800.000 that cost Lake $1,080.000. Lake collected $600.000 in 2021. $410,000 in 2022 and $410,000 in 2023 associated with those sales in 2023, Lake also repossessed $380,000 of jet skis that were sold in 2021. Those jet skis had a fair value of $42,500 at the time they were repossessed In 2020, Lake would recognize realized gross profit of Multiple Choice 5190.000 $0 5380.000 $570,000 Indiana Cabegan a construction project in 2021 with a contrat price of S164 million to be received when the project is completed in 2022. During 2021, Indiana Incurred $38 million of costs and mates an additonal 581 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed Indiana Mumple Choice . Recognized no gross protorious on the project in 2021 ecognidea 53300 is on the project 2023 Recognised 37 gross profon the project in 2021 Recognised $300 on to the project in 2021