PartII On 1 December 201Y, Funny Land purchased goods from Sea World on credit for $80,000. Upon delivery, Funny found the goods of $5,000 was defective and returned to Sea world. On 8 December 201Y, Funny Land settled half of the outstanding amount. Funny Land uses pertpetual inventory system. Required: (a) Prepare the journal entries in the accounting records of Funny Land to account for the purchase, the returns and the subsequent payment. (b) Prepare the journal entries for Funny Land if Funny Land sold the goods of $20,000 from Sea World to a customer in cash on 15 December 201Y with the Gross Profit rate 80%. (c) On 31 December 201Y, Funny Land has a balance of $478,000 in the inventory account per record, but an inventory taking shows that the inventory on hand has a cost of $472,500. Prepare the journal entry required in this situation