15. Slinky Company purchased merchandise on June 10, 2016, at a price of $20,000, subject to credit terms of 2/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: (3 pts total) 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on June 18, 2016. 3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on July 8, 2016. 16. On March 17, 2017, a flood destroyed the entire inventory of Beatty Co. The following information is available from its accounting records: $ Inventory Jan 1, 2017 Purchases Jan 1 to Mar 17 Sales Jan 1 to Mar 17 Normal gross margin 237,500 694,250 875,000 31.5% Required: Compute the estimated cost of inventory lost in the flood using the gross profit method. (4 pts) Page 6 of