In its first year of business, Laker Corporation had sales of $$2,160,000$ and cost of goods sold of $$1,280,000.$ Laker expects returns in the following year to equal $7\%$ of sales and $7\%$ 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 returns and allowances,$151,200,],[$Sales$,,151,200],[$Cost of Goods Sold,$89,600,],[$Inventory Returns Estimated,,$89,600]]$

$\backslash$table$[[$Account Title,Debit,Credit$],[$Sales Returns and Allowances,$151,200,],[$Sales Refund Payable,,$151,200],[$Inventory Returns Estimated,$89,600,],[$roct $nf$ monde enld,,$80$ kaa$]]$