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 Lake Power Sportsselis 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 tecelvables. It uses the installment sales method for revenue recognition. In 2020, Lake began operations and sold jet skis with a total price of $1140.000 that cost Lake $570.000. Loke collected $380,000 in 2020. $380,000 in 2021, and $380,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,800,000 that cost Lake $1.080.000. Lake collected $600,000 in 2021. 5410,000 in 2022 and $410,000 in 2022 associated with those sales. In 2023, Lake also repossessed $380.000 of jet skis that were sold in 2021 Those Jet Skis had a fair value of $142.500 at the time they were repossessed In 2020, Lake would recognize realized gross profit of Multiple Choice $190.000 0 0 0 50 O O O $385.000 5570.000 Indiana Co began a construction project in 2021 with a contract price of $164 millon to be received when the project is completed in 2023. During 2021, Indiana Incurred $38 million of costs and estimates an additional $81 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed Indiana Multiple Choice Recognized no gross profit or loss on the project in 2021 Recognized 583.00 min loss on the project in 2021 o o Recognized $14.37 milion gross profit on the project in 2021 Recognited 53000 on the project in 2021