Blue sky company had the following transactions during May May 1 The Blue sky company borrowed $80,000 to another company using a note with interest rate of 5% and maturity of 1 year. May 2 The Blue sky company sold $87,698 worth of inventory. The credit terms were 5/5, n/30. The transportation cost was $1,180, FOB destination point. May 3 The Blue sky company received 30% worth of inventory sold on May 2 as a return. May 4 The Blue sky company received a payment for their sales on May 2. May 5 The Blue sky company purchased $34,500 worth of inventory. The credit terms were 3/8; n/30. The transportation cost was $1,100, FOB destination point. May 6 The Blue sky company paid for the inventory purchased on May 5. May 7 The Blue sky company purchased land worth $159,360 in exchange for a note. Requirements 1. Record the above transactions in journal or ledger 2. Calculate the gross profit percentage for the company and interpret it (20 points)