B 1 of 2 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. hts 0136.55 eBook Print References PA6-2 (Static) Part 1 Required: 1. For each of the events (a) through (c), indicate the amount and direction of the effect on New Books in terms of the following item (Enter any decreases to account balances with a minus sign.) Transaction Sales Revenues Sales Returns Sales Allowances Cost of Net Sales Gross Profit Goods Sold 550 000