In its first year of business, Laker Corporation had sales of $2,080,000 and cost of goods sold of $1,240,000. Laker expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. The adjusting entry or entries to record the expected sales returns is (are): Multiple Choice Account Title Sales Returns and Allowances Sales Refund Payable Inventory Returns Estimated Debit 124,800 Credit 124,800 74,400 Cost of goods sold 74,400 Account Title Sales returns and allowances Debit 124,800 Credit Sales 124,800 Cost of Goods Sold Inventory Returns Estimated 74,400 74,400 Account Title Accounts Receivable Debit 2,080,000 Credit Sales 2,080,000