LAM Question 1(14 points) Lavey Auction Lamed (IF) which wes IFRS manufactures and sells portable heaters TPL sells its Prats de bapereteky sich as Home Depot and Canadian fare. The payment ferms are FOB Shipping eh payment duet wit rys after shipment Up to 6 months after shipment, retailers may return am 0% of the heaters, with pasd experience showing that returns typically average 12% Salom the return policy, TPL offers a 30 days warranty on its products at no additional cost to the or the rear carstomers TPS records show that warranty claims average 3% of net sales. On Navender 162021 TPE shipped heaters to readers and invoiced the retailers $150,000. The cost of os $120.000 Required 1 Prepare all of the applicable journal entry or entries to record the transaction on November 16 2 on December 16 TPL fulfilled warranty claims which amounted to $2,000. Prepare the applicable journal entry or entries for this situation 3 on December 31, $135,000 was collected relating to the November 16 transaction while $15,000 worth of heaters was returned. Prepare the applicable journal entry or entries for the collection and return LAM Question 1(14 points) Lavey Auction Lamed (IF) which wes IFRS manufactures and sells portable heaters TPL sells its Prats de bapereteky sich as Home Depot and Canadian fare. The payment ferms are FOB Shipping eh payment duet wit rys after shipment Up to 6 months after shipment, retailers may return am 0% of the heaters, with pasd experience showing that returns typically average 12% Salom the return policy, TPL offers a 30 days warranty on its products at no additional cost to the or the rear carstomers TPS records show that warranty claims average 3% of net sales. On Navender 162021 TPE shipped heaters to readers and invoiced the retailers $150,000. The cost of os $120.000 Required 1 Prepare all of the applicable journal entry or entries to record the transaction on November 16 2 on December 16 TPL fulfilled warranty claims which amounted to $2,000. Prepare the applicable journal entry or entries for this situation 3 on December 31, $135,000 was collected relating to the November 16 transaction while $15,000 worth of heaters was returned. Prepare the applicable journal entry or entries for the collection and return