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INTER VERSIONB BACK Exercise 18-20 Martinez Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products it not fully satistied. The right of return extends for 4 months. Martinez estimates returns of 15%%. Martinez sells these seeds on account for $1,390,000 (cost S764,500) on January 2 2017. Customers are required to pay the full amount due by March 15, 2017 Prepare the journal entry for Martinez at January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanatlon Debit Credit Jan. 2, 2017 To recognize revenue.) To record cost of goods sold.) Assume that one customer returns the seeds on March 1, 2017, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $107,000 of seeds from Martinez and also record the entry required to pay the full amount due by March 15, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. It no entry is required, select "No entry" tor the account titles and enter 0 for the amounts.) Date Account Titles and Explanationn Debit Credit