Simons Company has sales of $24,000,000 and related cost of goods sold of $13,300,000for its first year of operating ending December 31, 20Y6. Simons Company provides customers a refund for any returned or damaged merchandise. At the end of 20Y6, Simons Company estimates that costumer will request refund for 1.1% of sales and that merchandise costing $150,000 will be returned. Journalize the adjusting entries on December 31, 20Y6, to record the expected costumer returns.