Crane Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailers expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12% and the average collection period is 72 days. The company follows IFRS.

On August 8, 2020, Crane shipped books invoiced at $16,000,000 (cost $13,000,000). Prepare the journal entry to record this transaction, including the expected returns. 2 journal entries

On October 3, 2020, $1,300,000 million of the invoiced July sales were returned according to the return policy, and the remaining $14,700,000 million was paid. Prepare the journal entries for the return and payment. 3 journal entries

On August 8, 2020, Crane shipped books invoiced at $16,000,000 (cost $13,000,000). Prepare the journal entry to record this transaction, including the expected returns. Crane follows ASPE. 3 journal entries

On October 3, 2020, $1,300,000 million of the invoiced July sales were returned according to the return policy, and the remaining $14,700,000 million was paid. Prepare the journal entries for the return and payment. Crane follows ASPE. 3 Journal Entries.