Reference no: EM132489072
Lake Power Sports sells jet skis. They use the cost recovery method to recognize revenue on these installment sales. In 2017, sold $1,170,000 at a cost of $585,000. Collected $390,000 in 2017, $390,000 in 2018, and $390,000 in 2019. In 2018 sold $1,147,000 that cost $882,000. Collected $490,000 in 2018, $385,000 in 2019 and $385,000 in 2020. In 2020, repossessed $210,000 of jet skis that were sold in 2018. Have a fair value of $78,750.
Question A) In December 31, 2018 balance sheet Lake would report what: Deferred gross profit of $775,000, Installment receivables (net) of $392,000, Deferred gross profit of $780,000, or Installment receivables (net) of $775,000?
Question B) In 2020, Lake would record a loss on repossession of? $60,000, $22,500, $40,000, or $100,000
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