Bullseye sells gift cards redeemable for Bulls Eye products either in-store or online. During 2021. Barsye sold $2,500,000 of gt cards, and $2,300.000 of the gift cards were redeemed for products. As of December 202$160.000 of the remaining gift cards had passed the date at which Bull's Eye concludes that the cards will never be redeemed. How much gift card revenue should BunsEye recognize in 2022 Murple Choice O $2.500.000 o o O $2.340,000 $2.500.000 o 52.480.000 Lake Power Sports coll jetes and other powered recreational equipment Customers pay one-third of the sales price of a jockt when they may purchase the stand then pay mother teach you for the next two years Because Lake has little information about the attity to collect these receivables, it uses the Instient sales method for revenue recognition in 2020 Lake began operation and sold with a to $100.000 truco Lako 5510,000 Lake collected $340,000 in 2020, $340,000 in 2021 and $340,000 in 2022 associated with those sales in 2021. Lako soldats with a tots price of $3300.000 Thaco $250.000 Led 500.000 2021 $505.000 in 2022. and 5505.000 in 2023 associated with those sales in 2023Lake also repoucested $390.000 of jets that were sold in 2021. Those je ses had a fare of $46.256 st there they were red Total cash collection on installment es during 2021 would be Me Choice 50 0000 34000 550 000 Gupta Industries received a $260,000 prepayment from Packard Associates for the sale of new equipment Gupta will bell Packard an additional $114,000 upon delivery of the equipment. Upon receipt of the $260,000 prepayment, how much should Gupta recognize for a contract asset, a contract liability, and accounts receivable? Multiple Choice Contract asset $260.000, contractability 50, accounts receivable, 5114.000 Contract asset $o, contract abtity: $260.000 accounts receivable, 5114.000 Contract asset 50, contractability: 5260,000. accounts recevable 50 Contract asset $260.000. contractacity 50 accounts receivable. 50