On July 10, 2023, Sunland Ltd. sold GPS systems to retailers on account for a selling price of $740,000 (cost $592,000). Sunland 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, 2023, following the collection on account, retailers returned systems to Sunland and were granted credits of $72,000. The company follows ASPE. (a) Your answer is correct. Prepare Sunland's journal entries to record the sale on July 10, 2023. (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation July 10, 2023 Accounts Receivable Sales Revenue (To record sale on account) July 10, 2023 Sales Returns and Allowances Allowance for Sales Returns and Allowances (To accrue for sales returns) July 10, 2023 Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of goods sold) Debit 740000 111000 503200 88800 Credit 740000 111000 592000 Prepare Sunland's journal entries to record the $72,000 of actual returns on October 10, 2023. (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 O for the amounts. List all debit entries before credit entries.) Date October 10, 2023 Account Titles and Explanation October 10, 2023 (To record return from customer) October 10, 2023 (To record return of inventory) October 10, 2023 (To adjust allowance for sales return and allowances for the end of right of return) (To adjust cost of goods sold for end of right of return) Debit Credit