On April 3 Canton Company sold $45,000 of merchandise on account to Planter Corporation, terms 4/10, /30 FOB $hipping point Canton's cost of sale$ for this merchandise was $35,000. The merchandise left Canton's facility on April 4 and arrived at Planter on April 10. Planter paid the invoice for the merchandise on April 11 Read the requirements. Requirement 1. Prepare the journal entries for Canton Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Planter Corporation. Assume that Planter Corporation takes the discount if payment is within the discount perid. (Use the gross method to record the sales transactions. Record debits first, then credits, Exdude explanations from any journal entries.) Prepare the journal entry for the sale of the merchandise. (Do not record the cost of the sale, we will do that in the next step.) Requirements Journal Entry Date Accounts Debit Credit 1. Prepare the journal entries for Canton Company fer the sale of the merchandise, the cost of the sale, and the related receipt of payment from Planter Corporation. Assume that Planter Corporation takes the disccunt if payment is within the discount period. Indicate which company (Canton or Planter) owns the merchandise at the end of each of the following dates: a. April 3 b, April 4 c. April 10 April 4 2. Prepare the journal entry for the cost of the sale. Journal Entry (Assume that Canton Company uses the gross method of recording sales discounts. Date Accounts Debit Credit April 4 Print Done