On March 1, 2020 Tree Co. purchased merchandise for resale from Rainforest Co. with an invoice price of $10,000 and credit terms of 3/10, n/60. The merchandise has cost Rainforest $8,000. Tree paid on March 10. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 3% and paid it back on the last day of the credit period. Assume that both the buyer and seller use perpetual inventory system. The Tree Co. and Rainforest Co. rent the space for the business from the same landlord, Environs Real Estate. For Environs Real Estate Corp. has following data in the notebook to take care of at the end of the fiscal period: annual building depreciation is $14,580; utility bill for the month of March was received but is unpaid: $2,100; unearned rent revenue account had an $112,000 debit balance at March 31, 2020, before adjusting for the rent consumed. $86,000 of prepaid on March 01 rent had been used up. REQUIRED a. Prepare the entries that (i) the purchaser, Tree Co., should record for the purchase and payment and (ii) the seller, Rainforest Co., should record for the sale and collection; b. Prepare the month-end entries for the property-owner, Environs Real Estate Corp. On March 1, 2020 Tree Co. purchased merchandise for resale from Rainforest Co. with an invoice price of $10,000 and credit terms of 3/10, n/60. The merchandise has cost Rainforest $8,000. Tree paid on March 10. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 3% and paid it back on the last day of the credit period. Assume that both the buyer and seller use perpetual inventory system. The Tree Co. and Rainforest Co. rent the space for the business from the same landlord, Environs Real Estate. For Environs Real Estate Corp. has following data in the notebook to take care of at the end of the fiscal period: annual building depreciation is $14,580; utility bill for the month of March was received but is unpaid: $2,100; unearned rent revenue account had an $112,000 debit balance at March 31, 2020, before adjusting for the rent consumed. $86,000 of prepaid on March 01 rent had been used up. REQUIRED a. Prepare the entries that (i) the purchaser, Tree Co., should record for the purchase and payment and (ii) the seller, Rainforest Co., should record for the sale and collection; b. Prepare the month-end entries for the property-owner, Environs Real Estate Corp