During 2024, its first year of operations, Hollis industries recorded sales of $10,600,000 and experienced returns of $720,000 Cost of goods sold totoled $6,360,000 (60\% of sales). The company estimates that 8% of all sales will be retumed Prepare the yeaf-end edjusting journal entries to eccount for anticipated sales returns under the assumption that all sales are made for cash (no occounts receivable are outstending) Note: If no entry is required for a transaction/event, select "No journat entry required" in the first account fietd