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In its first year of business, Laker Corporation had sales of $$2,120,000$ and cost of goods sold of $$1,260,000.$ Laker expects returns in the following year to equal $5\%$ of sales and $5\%$ of cost of goods sold. The adjusting entry or entries to record the expected sales returns is $($are$)$:

Multiple Choice

$\backslash$table$[[$Account Title,Debit,Credit$],[$Sales$,2,120,000,],[$Sales Refund Payable,,$106,000],[$Accounts Receivable,,$2,014,000$