During 2021, its first year of operations, Hollis Industries recorded sales of $12,200,000 and experienced returns of $600,000. Cost of goods sold totaled $9,150,000 (75% of sales). The company estimates that 6% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the anticipated sales returns. 2 Record estimated return of inventory