1. On June 10, Spinner Company purchased $10,000 of merchandise from Lawrence Company, FOB shipping point, terms 2/10, n/30. Spinner pays the freight costs of $600 on June 11. Damaged goods totaling $700 are returned to Lawrence for credit on June 12. The fair value of these goods is $300. On June 19, Spinner pays Lawrence in full, less the pur- chase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on the books of Spinner Company. (b) Prepare separate entries for each transaction for Lawrence Company. The merchan- dise purchased by Spinner on June 10 had cost Lawrence $6,400