Please use the following as independent examples to record appropriate journal entries: Thuxton Inc. began work on a $6,000,000 non-cancellable contract in 2023 to construct a retail building. During 2023, Thuxton incurred costs of $1,500,000 and billed its customers for $1,400,000 (non-refundable) and collected $1,000,000. At December 31, 2023, the estimated future costs to complete the project total $2,500,000. Prepare Thuxton's 2023 journal entries using the percentage-of-completion method. Assume that Olympia Corporation follows ASPE and estimates that approximately 5% of its $1.5 million of trade receivables outstanding will be returned or some adjustment will be made to the sales price. Prepare the entry to show expected sales returns and allowances. note On November 1, 2023, Mandrake Corp. and Olivier Ltd. reached an agreement to convert Olivier's outstanding account receivable of $27,000 into a 3-month, receivable. On February 1, 2024, Olivier dishonoured the note receivable. Prepare Mandrake's journal entries for November 1, 2023, December 31 AND February 1. Idaho Inc. is a wholesale company selling special parts for the automotive industry. The company uses FIFO and a perpetual inventory system. Its inventory records for parti SA-123 show the following transactions for the month of May 2023. Assuming Idaho makes all sales and purchases of inventory on account, prepare the journal entries for May 1st and May 10th only Date Transaction Units Unit Units. Purchased Cost Sold Unit Selling Price May 1 Balance 120 $7.00 May 10 Purchase 500 57.20 (100) $12.40 May 15 Sale (150) $12.50 May 21 Sale May 23 Purchase 250 57.30