1. Sales of $800000 were all on account. The terms were n/30, FOB Destination The cost of the goods sold was $600000 2. Sales returns totalled $8,800. The cost of the merchandise returned to Singh Corporation was $5,800. 3. Collected $714000from customers. 4. Purchased equipment that cost $133,000, paying $45,000 cash and financing the rest by signing a notes payable. The depreciation on this equipment for the year was $12,500. 5. The owner, A.