O 2. The following information is available for New Co. a new firm for 1/1/2021: On 1/5/2021, the firm purchased $120,000 of inventory on account On 1/23/2021, the firm paid cash for all of the inventory that was purchased on 1/5/2021 On 2/1/2021, the firm sold all of the goods from the 1/5/2021 purchase for $150,000, on account, terms 2/10, n/30. The firm assumes that customers will NOT pay within the discount period (they use the gross method). On 2/25/2021, the firm collected all the cash owed to the firm from the sale on 2/1 a. Make all journal entries for the firm. Hint: There will be a total of 5 entries. b. For each journal entry, what is the effect of the entry on total assets, liabilities, equity, revenues, expenses and net income? Give both direction and amount What is the gross profit percentage for the sale of this inventory? c