Question: $ 3 0 0 , 0 0 0 in 2 0 2 1 , and $ 3 0 0 , 0 0 0 in 2

$300,000 in 2021, and $300,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,500,000 that cost Lake $900,000. Lake collected $500,000 in 2021, $400,000 in 2022, and $400,000 in 2023 associated with those sales. In 2023, Lake 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.
In 2023, Lake would record a loss on repossession of:

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