On June 1, 2019, Noeme Par Forest Products sold merchandise with a P120,000 list price. Date Paid A BCDE Trade Discount Credit Terms 30% 2/10, n/30 June 8 40% 1/10, n/30 June 15 2/10, n/30 June 11 20% 1/15, n/30 June 14 40% n/30 June 28 Required: For each of the sales terms, determine the following: 1. The amount to be recorded as a sale. 2. The amount of cash to be received. Problem 2: Effects of Freight Terms to Inventory (10 points) Transactions: 1. Benjamin Reyes Supplies shipped merchandise to Rema San Pedro Sales on Dec. 28, 2018, terms FOB Destination. The merchandise arrives at Rema San Pedro's on Jan. 4, 2019. 2. Divina Quezada shipped merchandise to Nancy Mulles on Dec. 25, 2018, FOB Destination. Nancy Mulles received the merchandise in Dec. 31, 2018. 3. Lamberto reyes Bros. shipped merchandise to Liwayway Ables on Dec. 27, 2018, FOB Shipping Point. Liwayway Ables received the merchandise on Jan. 3, 2019. 4. Felinita Barroga shipped merchandise to Nanette Virtudazo on Dec. 24, 2018, FOB Shipping Point. The merchandise arrived at Nanette Virtudazo's on Dec. 29, 2018. Required: For each of the sales terms, determine the following: 1. The amount to be recorded as a sale. 2. The amount of cash to be received. Problem 2: Effects of Freight Terms to Inventory (10 points) Transactions: 1. Benjamin Reyes Supplies shipped merchandise to Rema San Pedro Sales on Dec. 28, 2018, terms FOB Destination. The merchandise arrives at Rema San Pedro's on Jan. 4, 2019. 2. Divina Quezada shipped merchandise to Nancy Mulles on Dec. 25, 2018, FOB Destination. Nancy Mulles received the merchandise in Dec. 31, 2018. 3. Lamberto reyes Bros. shipped merchandise to Liwayway Ables on Dec. 27, 2018, FOB Shipping Point. Liwayway Ables received the merchandise on Jan. 3, 2019. 4. Felinita Barroga shipped merchandise to Nanette Virtudazo on Dec. 24, 2018, FOB Shipping Point. The merchandise arrived at Nanette Virtudazo's on Dec. 29, 2018. Required: For each of the transactions, indicate which entity should include the inventory on its Dec. 31, 2018 balance sheet.