Please solve this. Thank you.

Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay onethird of the sales price of ajet ski when they initially purchase the ski, and then pay another onethird each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the installment sales methodfor revenue recognition. In 2017, Lake began operations and soldjet skis with a total price of $900,000 that cost Lake $450,000. Lake collected $300,000 in 2017, $300,000 in 2018, and $300,000 in 2019 associated with those sales. In 2018, Lake sold jet skis with a total price of $2,040,000 that cost Lake $1,224,000. Lake collected $680,000 in 2018, $580,000 in 2019, and $580,000 in 2020 associated with those sales. In 2020, Lake also repossessed $200,000 ofjet skis that were sold in 2018. Those jet skis had a fair value of $75,000 at the time they were repossessed. Total cash collections on installment sales during 2018 would be: Multiple Choice O $300,00 0. O $880,000. O $0. O $980,000