Ivanhoe Limited sells decorating accessories. On June 1, Ivanhoe entered into a contract with Smith Development Ltd. for accessories with a selling price of $51,000 and terms of r/30. The goods cost Ivanhoe $45,000. Ivanhoe has a stated return policy of 30 days from the date of sale and based on past transactions, management determines that returns are 5% of sales 70% of the time and 10% of sales 30% of the time. The goods were delivered to Smith Development Ltd. on June 15. Ivanhoe uses the expected value method to estimate returns and the contract-based approach for revenue recognition. Calculate the transaction price for this contract Transaction price $ List of Accounts Prepare the journal entries to recognize revenue on the appropriate date. (Hint: the expected value method is also used to determine the amount for cost of goods sold and estimated inventory returns). (Credit account titles are automatically indented in the order presented in the problem. If no entry is required. Prepare the journal entries to recognize revenue on the appropriate date. (Hint: the expected value method is also used to determine the amount for cost of goods sold and estimated inventory returns). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.)