Marcy Corporation purchased inventory costing $110,000 and sold 80% of the goods for $158,000. All purchases and sales were on account. Marcy later collected 25% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. Journalize the sale. Accounts Debit Credit Journal Accounts Debit Credit Record the cost of goods sold portion of the sale. Accounts Journal Debit Credit Record the collection of 25% of the accounts receivable. Accounts Journal Debit Credit 2. For these transactions, show what Marcy will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If an input field is not used in the table leave the field empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet Determine what the company will report on the income statement: Income Statement