At year end, Wildhorse Inc. started the process to review its $3500000 of accounts receivable to estimate what amount outstanding could potentially be returned by the customer. There was a recent memo from the production manager that stated a process error was found in one of the assembly lines, potentially causing a defect in the output. As a result, a significant amount of product is expected to be returned. Assuming a 12% estimated return rate, what would be the entry to journalize this under IFRS? Sales Returns and Allowances 420000 Allowance for Sales Returns and Allowances 420000 Allowance for Expected Credit Losses 420000 Accounts Receivable 420000 Loss on Impairment Allowance for Expected Credit Losses Sales Revenue Refund Liability 420000 420000 420000 420000