Question 39 2 pts Panther Sports Inc. (PSI) 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 PSI has little information about the ability to collect these receivables, it uses the installment sales method for revenue recognition. In 2020, PSI began operations and sold jet skis with a total price of $900,000 that cost PSI $450,000. PSI collected $300,000 in 2020. $300.000 in 2021, and $300,000 in 2022 associated with those sales. In 2021. PSI sold jet skis with a total price of $1,500,000 that cost PSI $900,000. PSI collected $500,000 in 2021. $400,000 in 2022, and $400,000 in 2023 associated with those sales. In 2023, PSI also repossessed $200,000 of jet skis that were sold in 2021. Those jet skis had a fair value of $75,000 at the time they were repossessed. Total cash collections on installment sales during 2021 would be: $300,000 $800,000 $0. $700,000 Next Previous