On May $11,2023,$ Wilson Purchasing purchased $$25,500$ of merchandise from Happy Sales; terms $1/10,$ n$/90,$ FOB Happy Sales. The cost of the goods to Happy was $$20,500.$ Wilson paid $$1,550$ to Express Shipping Service for the delivery charges on the merchandise on May $11.$ On May $12,$ Wilson returned $$4,100$ of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $$3,300.$ On May $20,$ Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May $21.$Required:a$.$ Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. b$.$ Present the journal entries that Happy Sales should record for these transactions. Assume that Happy uses a perpetual inventory system. Analysis Component:Assume that the buyer, Wilson Purchasing, 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. Calculate how much the buyer saved by following this strategy. $($Use a $365-$day year. Round intermediate calculations and final answer to $2$ decimal places.$)$