On June 30, ATV Sports, Inc. sold an ATV (all-terrain vehicle) to a customer for $7,740. The ATV had a cost basis of $5,200 to Motorsports. The customer is required to make a $240 down payment and to pay the $7.500 balance in equal $300 payments over the next 25 months on the last day of each month. Under point-of-sale revenue recognition, how much gross profit will Motorsports recognize during the year $2.040 240 300 $2.540