7. On May 26, Year One, Earl Corporation purchased inventory of $75,000 on terms of 1/10, n/30 and incurred transportation cost of $500. Earl made payment on June 1, Year One. Prepare the journal entries for Earl Corporation assuming that the company uses perpetual inventory system and gross method to record discount. (6 marks) a. Record the purchase of inventory. b. Record the transportation costs. c. Record the payment of the invoice