On March 10, 2025, Pharoah Company sold to Bloom Hardware 240 tool sets at a price of $50 each (cost $31 per set) with terms of n/60, f.o.b. shipping point. Pharoah allows Bloom to return any unused tool sets within 60 days of purchase. Pharoah estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2025, Bloom returned 7 tool sets and received a credit to its account. (b1) Your answer is correct. Indicate the income statement reporting by Pharoah at March 31, 2025, of the information related to the Bloom sales transaction. PHAROAH COMPANY Income Statement (Partial) For the Quarter Ended March 31, 2025 Sales Revenue $12000 Less : Sales Returns and Allowances \begin{tabular}{|r|r|} \hline 500i \\ \hline & 11500 \\ \hline \end{tabular} Cost of Goods Sold \begin{tabular}{|l|l|} \hline$130 & 1 \\ \hline\( \$ \longdiv { 4 3 7 0 } \) \\ \hline \end{tabular} eTextbook and Media List of Accounts Attempts: 1 of 2 used Indicate the balance sheet reporting by Pharoah at March 31, 2025, of the information related to the Bloom sales transaction