On July 10, 2020, Bonita Ltd. sold GPS systems to retailers on account for a selling price of $740,000 (cost $592,000). Bonita grants the right to return systems that do not sell in three months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned systems to Bonita and were granted credits of $72,000. The company follows IFRS. Prepare Bonita's journal entries to record the $72,000 of actual returns on October 10, 2020. (Hint: Use Accounts Payable for the amount returned.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Date October 10, 2020 Refund Liability 72.000 Accounts Payable (To record returns from customers) October 10, 2020 Returned Inventory 57600 Estimated Inventory Returns (To record return of inventory) October 10, 2020 Refund Liability 39000 Refund Liability 10, 2020 72.000 Accounts Payable (To record returns from customers) October 10. Returned Inventory 57600 2020 Estimated Inventory Returns (To record return of inventory) October 10. 2020 Refund Liability 39000 Sales Revenge (To adjust refund liability for end of right of return) October 10. 2020 Cost of goods sold 31200 Inventory (To adjust cost of goods sold for end of right of return)