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help me plss do it on Excel Baby Boomers, Ltd.. had gross sales of $5,000,000 on credit during the year 2021. Sales returns and allowances

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Baby Boomers, Ltd.. had gross sales of $5,000,000 on credit during the year 2021. Sales returns and allowances in 2021 were $400,000 and trade discounts given to customers were $100,000. During 2021 , the company also collected $4,000,000 cash from credit sales. The company uses the allowance method for bad debts, and at the end of 2021 , the CFO of the company estimates that 1% of total credit sales will never be collectible. Few months later, in April 2022 a customer confirms the company that he will never pay $10,000. Required: (Solve this exercise on the reserved space from the ANSWERSHEET ) a) Prepare a detailed presentation of the revenue section of the income statement for the year 2021. (0.5 points) b) Show the journal entries for the years 2021 and 2022. (1 point)

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