Presented below are the components in determining cost of goods sold. Determine the missing amounts. Presented below are the components in determining cost of goods sold. Determine the missing amounts. The following transactions are for Teal Mountain Company. 1. On December 3, Teal Mountain Company sold $512,300 of merchandise to Sandhill Co., on account, terms 2/10,n/30. The cost of the merchandise sold was $313,500. 2. On December 8 , Sandhill Co. was granted an allowance of $22,900 for merchandise purchased on December 3. 3. On December 13, Teal Mountain Company received the balance due from Sandhill Co. Prepare the journal entries to record these transactions on the books of Teal Mountain Company. Teal Mountain uses a perpetual inventory system. IIf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. (To record sale of merchandise on account) (To record cost of merchandise sold) Assume that Teal Mountain Company received the balance due from Sandhill Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Presented here are the components in Pharoah Company's income statement. Determine the missing amounts. Presented here are the components in Pharoah Company's income statement. Determine the missing amounts