On July 1, 2016, the Foster Company sold inventory to the Slate Corporation for $310,000. Terms of the sale called for a down payment of $77,500 and three annual installments of $77,500 due on each July 1, beginning July 1, 2017. Each installment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $127,100. The company uses the perpetual inventory system. Required: 1. Prepare the necessary journal entries for 2016 and 2017 using point of delivery revenue recognition. Ignore interest charges. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the installment sale of $310,000 using the point of delivery method. Note: Enter debits before credits. General Journal Debit Credit Date July 01, 2016 2. Prepare the necessary journal entries for 2016 and 2017, applying the installment sales method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the installment sale of $310,000 using the installment sales method when the inventory had a cost of $127,100. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2016 Record entry Clear entry View general journal 3. Prepare the necessary journal entries for 2016 and 2017, applying the cost recovery method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 - 4 5 > Record the installment sale of $310,000 using the cost recovery method when the inventory had a cost of $127,100. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2016 Record entry Clear entry View general journal