In its first year of business, Laker Corporation had sales of $2,100,000 and cost of goods sold of $1,250,000. 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):

\begin{tabular}{|l|c|c|} \hline \multicolumn{1}{|c|}{ Recount Iit1e } & BeBit & Credit \\ \hline Mooonnt Neceivable & 2,100,860 & \\ \hline Snles & & 2.100,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Account Title & Debit & Credit \\ \hline Sales Refund Payable & 147,000 & \\ \hline Accounts Receivable & & 147,000 \\ \hline \end{tabular}