Flint Company is presently testing a number of new agricultural seed planters that it has recently developed. 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. Flint estimates returns of 20%. Flint sells these planters on account for $1,540,000 (cost $693,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Prepare the journal entry for Flint at January 2, 2020. (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 for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 2, 2020 (To recognize revenue.) Assume that one customer returns planters on March 1, 2020, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $110,000 of planters from Flint and also record the entry required to pay the full amount due by March 15, 2020. (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 Credi (To record sales returns) (To record cost of goods returned) Assume Flint prepares financial statements quarterly. Prepare the necessary entries (if any) to adjust Flint's financial results for the above transactions on March 31, 2020, assuming remaining expected returns of $198,000. (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.) Debit Credit Date Account Titles and Explanation Mar. 31, 2020 (To record sales returns) (To record cost of goods returned)