Organic Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Organic Growth sells these seeds on account for $1,500,000 (cost $800,000) on April 2, 2023. Customers are required to pay the full amount due by June 15, 2023. The company follows IFRS. (a) Your answer is partially correct. Prepare the journal entry for Organic Growth at April 2, 2023, assuming Organic Growth estimates returns of 20% based on prior experience. (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 April 2, 2023 Accounts Receivable Contract Asset/Liability Debit 1500000 Sales Revenue (To record sale on account) April 2, 2023 Cost of Goods Sold 160000 Inventory ret 640000 Credit 300000 1200000 800000