New Revenue Recognition StandardAdjusting Journal Entries: During the year, Butler Corporation sells merchandise on account totaling $5,000,000 with a cost of merchandise to Butler of $2,000,000. Butler offers its customers credit terms of 1/15, n/30. Butler recognizes that there are $410,000 of sales on account still eligible for the 1 percent discount at year-end and believes that all companies will pay within the discount period. Additionally, Butler allows a 90-day return privilege for the merchandise it sells. At year-end, Butler estimates sales of $1,200,000 (with a cost to Butler of $480,000) remain that are still within the 90-day return period. From past experience, 6 percent of this merchandise is expected to be returned. Prepare the period-end adjusting journal entries needed for Butler Corporation to comply with the new revenue recognition standard. Butler Corporations fiscal year-end is December 31.