An entity sells 200 products for $200 each. The cost of each product to the entity is $120. Sales are made for cash, rather than on credit terms. The entity's customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. This business practice creates both a 'refund liability', which is the amount of cash that is expected to be returned to the customers for the returned goods, as well as a an asset which we can call a right to recover' and which represents the inventory that the entity will receive back from the customer as a result of the retum (and which consistent with usual approaches to measuring inventory, shall be measured at the lower of cost and net realisable value). To determine the transaction price, the entity decides that the approach that is most predictive of the amount of consideration to which the entity will be entitled is the most likely amount. Using the most likely amount, the entity estimates that six products will be returned. The entity's experience is predictive of the amount of consideration to which the entity will be entitled. The entity estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit. - 1. Determine the amount of revenue to be recorded. The amount of revenue to be recorded in $: 2. Determine the amount of refund liability to be recognised The amount of refund liability to be recognised in $: 3. There will be a right to recover the returned assets from the customers on the settling of the refund liability. It is assumed there is no cost associated with recovering the assets. At what amount will these returned assets be recognised? Amount these retumed assets will be recognised in $: 4. Provide the accounting entries to account for the above case facts. For entries with more than one debit or credit, select account names in alphabetical order