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(Answered) Use the following information for questions 10 and 11. Lake


Use the following information for questions 10 and 11.

 

Lake
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Use the following information for questions 10 and 11.,

 

Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay 1/3 of the sales price of a jet ski when they initially purchase it, and then pay another 1/3 each year for the next two years. Lake uses the cost recovery method to recognize revenue on these installment sales. In 2010 Lake began operations and sold jet skis with a total price of $900,000 that cost Lake $450,000. Lake collected $300,000 in 2010, $300,000 in 2011, and $300,000 in 2012 associated with those sales. In 2011 Lake sold jet skis with a total price of $1,500,000 that cost Lake $900,000. Lake collected $500,000 in 2011, $400,000 in 2012, and $400,000 in 2013 associated with those sales. In 2013 Lake also repossessed $200,000 of jet skis that were sold in 2011. Those jet skis had a fair value of $75,000 at the time they were repossessed. *need step by step calculation ,

 

,

 

In 2012, Lake would recognize realized gross profit of:,

 

a. $0.,

 

b. $700,000.,

 

c. $310,000.,

 

d. $300,000.

 


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