7-9. Recording inventory with discounts available. Greystoke, Inc. is owned by twin brothers. On most issues, they aree completely with each other. One particular problem, though, is giving them trouble. Galen wants to use the gross method for recording purchases of merchandise with discounts while Gordon thinks the only logical method is the net method. To help them resolve their problems, they need to see the information each method gives them and get some feedback on what they can learn from each method. You have the honor of being chosen. Provide journal entries to record each activity for both the gross and net methods. Be sure to label the methods. The entries can be side by side for the two inventory methods. Assume the brothers use the periodic inventory system. May 2 Gross Purchased and received $15.000 of merchandise, terms 1/15, n/45. Net May 5 Returned merchandise with a cost of $500 because we could not use it. Net Gross May 16 Gross Paid for $10,000 of the merchandise. Net Paid June 12 Gross Paid for the remainder of the merchandise. Net