5. [10 points) Economy Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. On June 1, 2020, Economy sold to Laplante Rentals 200 washers on account at a price of $700 each (cost $400) without installation. Laplante is a newer customer and is unsure how this product will work in its older rental units. Economy offers a 60-day return privilege and estimates, based on prior experience with sales on this product, 4% of the units will be returned. On June 11, 2020, 5 units are returned. The returned washers can be sold at a price of $450. Required: (a) [4 points] Prepare the journal entries for the sale and related cost of goods sold on June 1, 2019. [Use Refund Liability for the journal entry (b) [3 points] (1) Prepare the journal entries for the return. (2) Does your answer change if the estimated selling price of the returned washers will be $390? Explain. (c) [3 points] Determine (1) gross profit, (2) A/R, net of refund liability (3) returned inventory, and estimated inventory returns for the month of June