a. New Books sold merchandise to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415,000 b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers Corner had ordered. New Books agreed to give an allowance of $10,000 to Readers' Corner, Readers' Corner also returned some books, which had cost New Books $2,000 and had been sold to Readers' Corner for $3,500. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. Required: 1. Indicate the amount and direction of the effect (+ for increase, - for decrease, and NE for no effect) of each transaction on the Inventory balance of Readers' Corner (Enter all amounts as positive values.) Effect on Inventory Balance Transaction a b C