Ivanhoe Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return of these products if not fully satisfied. The right of return extends for 4 months. Ivanhoe estimates returns of 20%. Ivanhoe sells these planters on account for $1,610,000 (cost $885,500) on January 2, 2025. Customers are required to pay the full amount due by March 15, 2025. (a) Your answer is correct. Prepare the journal entry for Ivanhoe at January 2, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 2, 2025 Accounts Receivable Sales Revenue (To recognize revenue.) Jan. 2, 2025 Cost of Goods Sold Inventory (To record cost of goods sold.) Debit Credit 1610000 885500 1610000 885500