Exercise 18-20 Concord Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Concord estimates returns of 20%. Concord sells these seeds on account for $1,610,000 (cost $885,500) on January 2, 2017. Customers are required to pay the full amount due by March 15, 2017. Your answer is partially correct. Try again. Prepare the journal entry for Concord at January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Jan. 2, 2017 Accounts Receivable 1610000 Sales Revenue 1610000 (To recognize revenue.) Cost of Goods Sold 322000 Inventory 322000 (To record cost of goods sold.) SHOW LIST OF ACCOUNTS LINK TO TEXT