On December 1, 20x1, ABC TV Co sold TVs ro retailers, on account, and recorded sales revenue of $700,000, with a cost of $560,000. ABC grants the right to return TVs. Past experience indicated that the normal return rate is 15%. By December 11, 20x1, retailers returned TVs to ABC and were granted credit of $70,000. Match the entry to the following events. AR 1. 700,000 Sales 700,000 560,000 Inventory 560,000 CGS $70,000 of returns on Dec 11 2. Sales R+A 70,000 AR 70,000 Inventory 56,000 CGS 56,000 Sale on December 10 3. Sales R+A 35,000 AR 35,000 Est Inv Returns 28,000 CGS 28,000 Necessary accrual on Dec 31, if required. 4. no entry necessary