Chapter 4 Homework i soved 52 points References {:[" Cash ",$6","900],[" Inventory ",15","000],[" Land ",7","000],[" Common stock ",15","900],[" Retained earnings ",13","900]:} During Year 2 , the company experienced the following events: Purchased inventory that cost $5,200 on account from Ross Company under terms 1//10,n//30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. Returned $400 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. Paid the amount due on its account payable to Ross Company within the cash discount period. Sold inventory that had cost $6,800 for $12,100 on account, under terms 2//10,n//45. Received merchandise retur