On April 2, 2024, Cullumber Company entered into a contract to supply medication to Laxall Drug Stores, FOB shipping point, terms 2/30, n/45. The selling price of the medication is $40,000 and the medication cost Cullumber $23,000. Cullumber has a stated return policy that goods may be returned within 30 days. The medication was shipped on April 10, 2024. Cullumber's management estimates returns using the expected value method and sales discounts are estimated using the most likely outcome. Based on past experience with this product, returns are 5% of sales 50% of the time, 10% of sales 20% of the time, and 20% of sales 30% of the time. Laxall will most likely pay within the discount period. Cullumber uses the contract-based approach for revenue recognition. (c) * Your answer is incorrect. Calculate the transaction price. Transaction price $ eTextbook and Media List of Accounts 39200 Assistance Used Assistance Used Attempts: 2 of 2 used (d) Prepare journal entries to recognize revenue on the appropriate date. (Hint: The expected value method is also used to determine the amount for cost of goods sold and estimated inventory returns.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation (To record sales on account.) Debit Credit