follow all the instructions and complete the whole thing

On December 1, 2019, Lynch incorporated sold $20,000 of merchandise with terms 2/10, n.EOM. On Docember 11, 2019, collections were mado an sales originaty billed for $13,000, and on December 31,2019 , additional collections on sales originally billed for $6,000 were received. Required: 1. Prepare the joumal entries to record the sale, collections, and any required year-end adjustments assuming that Lynch records accounts recelvable and sales at (a) the gross price and (b) the net price. 2. Next Level Assume that Lynch's customer does not have the avallable cash to pay Lynch within the discount period. How much interest should the customer be willing to pay for a loan to permit them to take advantage of the discount period (assume no additional costs to the loan)? 3. Next Level Explain why Lynch's granting of cash (salos) discounts may improve cash flow. 1b. Prepare the fournal entries to record the sale, colections and any requived year-end acfustments assuming that Lynch records accounts receivabie and talos at the net price. Generat douation linstrictions All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. GENERAL, JOURNAL Score: 68/113 2. Assume that Lynch's customer does not have the avaliable cash to pay Lynch within the discount period. How much intorest should the customer be wiling to pay for a laan to pormit them to take advantage of the discount period (assume no additional costs to the loan)? Additional instruction The customer would have to pay Lynch days sooner to take advantage of the 2% discount. Assuming 365 days in a year, 2% interest for days is equivalent to an annual interest rate of K. Therefore, with the assumption of no additional costs to the loan, any loan at a rate this rate would be advantageous for Lynch's customer