FACTS Nike Inc. sells 70% of its products to wholesale customers. Assume that on January 1, Footlocker places an order with Nike for 100 Nike Air VaporMax Flyknit 2 women's shoes for delivery on January 31. Nike's wholesale price is $80 per pair. The retail price of the shoes charged to end customers is $190 per pair. The terms of the sale are 2/10, n/30, meaning Footlocker receives a 2% cash discount if it pays within 10 days of delivery. Nike has a 60-day return policy for its wholesale customers. Record the following sales and accounts receivable entries for Nike Inc. under both the gross and net methods of accounting for cash discounts. Do not record the cost and inventory entries. REQUIRED 1. On January 31, Nike delivers the order in full to Footlocker. NET METHOD GROSS METHOD LIABILITIES ASSETS LIABILITIES EQUITY ASSETS EQUITY + + On February 8, Footlocker sends Nike fll payment. 2. GROSS METHOD NET METHOD LIABILITIES ASSETS EQUITY ASSETS LIABILITIES EQUITY + + + What amount of Net Sales would Nike report related to the Footlocker sale? 3. GROSS METHOD NET METHOD Instead of paying in full on February 8, assume Footlocker sends Nike full payment on February 15 4. GROSS METHOD NET METHOD = LIABILITIES ASSETS EQUITY ASSETS LIABILITIES EQUITY + If Footlocker failed to pay until February 15, what amount of Net Sales would Nike report related to the Footlocker sale? 5. GROSS METHOD NET METHOD +