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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventary systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31 . a. New Books sold merchandise to Readers' Corner at a selling price of $555,000. The merchandise had cost New Books $417,000. b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $10,500 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,100 and had been sold to Readers' Corner for $3,600. No further returns are expected. c. Just three days later, Readers' Comer paid New Books, which settled all amounts owed. Required: 1. Indicate the amount and ditection of the effect (t for increase, - for decrease, and No effect) of each transaction on the inventory balance of Resders' Comer