In July 10, 2020, Ayayai Ltd. sold $ 1.5 million of compressors to retailers on account. Ayayai had paid $ 945,000 for these compressors. Ayayai grants the right to return compressors that do not sell in three months following delivery. Past experience indicates that the normal return rate is 18%. By October 11, 2020, retailers returned compressors to Ayayai and were granted a cash refund totalling $ 264,000. Ayayai uses a perpetual inventory system and follows IFRS. 1- Prepare Ayayais journal entries to record the sale on July 10, 2020. 2-Prepare Ayayais journal entries to record $ 264,000 of returns on October 11, 2020.