need homework help 1.value: 2.00 points Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $24,500 and credit terms of 2/10, n/60. The merchandise had cost Mesa $16,709. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. 1(a) Prepare entries that the buyer should record for the purchase. 1(b) Prepare entries that the buyer should record for the cash payment. 2(a) Prepare entries that the seller should record for the sale. 2(b) Prepare entries that the seller should record for the cash collection. 3. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 8% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Use 365 days a year. Round your intermediate calculations and final answer to 2 decimal places.) 2.value: 2.00 points On May 11, Sydney Co. accepts delivery of $38,500 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Troy $25,795. When the goods are delivered, Sydney pays $310 to Express Shipping for delivery charges on the merchandise. On May 12, Sydney returns $1,240 of goods to Troy, who receives them one day later and restores them to inventory. The returned goods had cost Troy $831. On May 20, Sydney mails a check to Troy Corporation for the amount owed. Troy receives it the following day. (Both Sydney and Troy use a perpetual inventory system.) 1. Prepare journal entries that Sydney Co. records for these transactions. 2. Prepare journal entries that Troy Corporation records for these transactions.