Canadian Furniture Warehouse frequently has sales involving "no down payment and no payments for three months." Three months after the purchase date, customers make four equal monthly payments (ie. they make equal payments 3, 4, 5, and 6 months after purchase). Each payment is one-quarter of the purchase price. The company has a December 31 year-end. During the current year, the company made the following sales on installment plans. Canadian Furniture Warehouse makes a 15% gross margin on these sales. Sales Data: Month Sale Price January $67,000 February $122,000 March $84,000 April $122,000 May $84,000 June $122,000 July $104,000 August $123,000 September $122,000 October $84,000 November $135,000 December $72,000 Total $1,241,000 REQUIRED: Using the installment sales method, record the journal entries for Canadian Furniture Warehouse installment sales made in the month of May and the subsequent payments received in August, September, October, and November. Assume all installment payments are received, and ignore the time value of money. Please show all supporting calculations for your journal entries. (8 Marks)