Prepare Income statement for Freeman Co. for the year ended on Jun 30th,2017 Question Two: Journalize the following transaction for Tesco Company during the month of May 2017. May 3td, Sold merchandise Inventory to ASDA Supermarket list price $85,000 trade discount 10%, rate of sales tax 10%. FOB shipping point, Paid fright cost $200. Cost of merchandise sold $45,000. Term of credit 2/10,n/30 May 5th, Purchased merchandise inventory from Sainsbury Co. list price $62,000, trade discount 15%, FOB destination point, prepaid fright cost $650. Term of credit 1/15,n/45. May 7th, ASDA Supermarket return part of the goods purchased on May 3ras. list price $6000, trade discount 10%, cost of merchandise returned $2000. May 9th, Received full Payment from ASDA Supermarket for sale made on May 3rd