February 1. During January, Seagrave Appliances issued 800 rebates to its customers. gross profit as negative amounts. a. Illustrate the effects of the liability for the mail-in rebates on the accounts and financial statements as of January 31 . Assume all rebates will beemed. b. Illustrate the effects of the payment of $115,000 of mail-in rebates on February 5 on the accounts and financial statements