Exercise 224 (Part Level Submission) The following transactions are for Kale Company (1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the (2) On December 8 Thomson Co. was granted an allowance of $20,000 for merchandise purchased on December 3. (3) On December 13 Kale Company received the balance due from Thomson Co. merchandise sold was $320,000