Journal entries ri1atcd to the income statement Teva Pharmaceutical, an Israeli drug company, reported Net Sales of $9,408 million for the year ended December 31, 2007. Based on Teva Pharmaceutical’s financial reports for fiscal 2007, the cost of these sales was $6,531 million. Assume that Teva made all sales on credit, and that it collected $2,659 million cash during 2007. Provide the journal entries that Tea Pharmaceutical made in 2007 related to these transactions. Teva Pharmaceutical applies U.S. GAAP, and reports its results in millions of U.S. dollars.