Please ONLY Provide the correct answer, I do not need work, as it is multiple choice, And please answer the FULL- Question if you choose to accept. It may have multiple Parts, but it will not take over 5 minutes total I will give thumbs up a 7 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 2020, Lake began operations and sold jet skit with a total price of $120.000 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, Lake told jet skis with a total price of $2100.000 that cost Lake $1,260,000 Luke collected $700,000 in 2021, $505,000 in 2022. and $505,000 in 2023 associated with those sales. In 2023, Lake also repossessed $390,000 of jet skis that were sold in 2021. Thote jet skis had a fair value of $146.250 at the time they were repossessed Total cash collections on installment sales during 2021 would be Multiple Choice 50 $1.040.000 $940 000 $340.000 Gupta Industries received a $260,000 prepayment from Packard Associates for the sale of new equipment Gupta will bill Packard an additional $114.000 upon delivery of the equipment. Upon receipt of the $250,000 prepayment, how much should Gupta recognize for a contract asset, a contract liability and accounts receivable? Multiple Choice Contract asset $260.000. contract Babloty 50. accounts receivable 5114.000 Contract asset so: contract adity: 5260,000 accounts receivable 14.000 0 0 0 0 Contract asset 50; Contractility 5200.000, accounts receivable 50 Contract asset $260.000: contractility 50. accounts receivables