On April 22. Palm LLC sold merchandise to Island Corporation. The shipping costs related to the sale totaled 5300. The shipping terms were FOB Shipping Point Which of the following is correct? Palm LLC will record the following journal entry: DR Shipping expenses $300 CR Cash $300 Island Corporation will record the following journal entry DR Shipping expenses 5300 CR Cash 5300 Palm LLC will record the following journal entry DR Marchandise tnventory S300 CR Cash $300 Island Corporation will record the following Journal entry OR Merchandise Inventory 5300 CR Cash 5300