Frontier Bicycle Technology Pty Ltd introduced their return policy as per the five-step model outlined by AASB 15 Revenue from Contracts with Customers. Presently, the company only offers a return policy on only one product - 'Hammerhead Bicycle Navigation Unit. This was negotiated with the manufacturer. The conditions of the return are as follows; Customers can return the Hammerhead Bicycle Navigation Unit as new and in original packaging within 7 days from the date of purchase for a full refund providing the unit has not be used, damaged and saleable as new. Based on historical patterns, Frontier Bicycle Technology estimates that the expected value of returns is 5% revenue of Hammerhead Bicycle Navigation Unit sales. All sales were cash. Sales details are as follows; Product: Units sold 40; Selling price per unit $250 and Cost price per unit $130. Required: The general journal entries to record the sale of the Hammerhead Bicycle Navigation Unit and the estimated return at the time of sale would be DR: Cash $10,000 CR: Sales $10,000; DR: Sales $500, CR: Liability Customer refund $500 and DR: Cost of sales $5,200 CR: Inventory - Hammerhead Bicycle Navigation $5,200, DR: Asset: Anticipated Returns $260, CR: Cost of sales $260 DR: Sales $10,000 CR: Cash $10,000; DR: Sales $500, CR: Liability Customer refund $500 and DR: Cost of sales $5,200 CR: Inventory - Hammerhead Bicycle Navigation $5,200, DR: Asset: Anticipated Returns $260, CR: Cost of sales $260 DR: Accounts receivable $10,000 CR: Sales $10,000; DR: Sales $500, CR: Liability Customer refund $500 and DR: Cost of sales $5,200 CR: Inventory - Hammerhead Bicycle Navigation $5,200, DR: Cost of sales $260, CR: Anticipated Returns $260 DR: Accounts receivable $10,000 CR: Sales $10,000; DR: Sales $500, CR: Liability Customer refund $500 and DR: Cost of sales $5,200 CR: Inventory - Hammerhead Bicycle Navigation $5,200, DR: Asset: Anticipated Returns $260, CR: Cost of sales $260 O DR: Cash $10,000 CR: Sales $10,000; DR: Sales $500, CR: Liability Customer refund $500 and DR: Cost of sales $5,200 CR: Inventory - Hammerhead Bicycle Navigation $5,200, DR: Cost of sales $260, CR: Anticipated Returns $260