During 2015, its first year of operations, Purple Sun made total sales of $2,500,000 for merchandise costing $100,000. The company refunds all customers for returned or damaged merchandise. The company expects to receive requests for refunds that are 3% of total sales. The company also expects to receive returns of merchandise costing $50,000. a. Prepare the journal entry required at year-end (assume a calendar year-end). b. The company refunds customers for $21,000 for merchandise costing $15,000 on January 31 of the following year. Prepare the journal entry required for the refund and return of merchandise.