Problem I: (60 marks) Altra Company completed the following merchandising transactions in the month of April, 2019. April 2 Purchased merchandise from Kingo Co. on account for $12,000, terms 1/10, n/3 FOB shipping point. The appropriate party paid $160 freight on Mar 3. 5 Sold merchandise for cash $14,000. The cost of the merchandise sold was 50% sales revenue. The customer came to pick up the product at the company. 6 Sold merchandise to Dee Nee on account for $8,200, terms 2/10, n/30; FOB shipping point. The appropriate party paid $40 freight on Mar 7. The cost of merchandise sold was 60% of sales revenue. 8 Accepted a return of defective merchandise from DeeNeeAllowances granted was $1,600. 11 Purchased merchandise from JaJa on account for $9,000; terms 4/10, n/30; FOB shipping point. The appropriate party paid $180 freight on May 12. 13 Paid Kingo Co. in full. 15 Received payment in full from DeeNee. 21 Paid JaJa in full. Instructions: 1. Journalize the March transactions using a Perpetual inventory system. (28 marks)Notes: (Explanations are not required for your journal entries, but skip one line before entering a new entry) 2. Journalize the March transactions using a Periodic inventory system. (22 marks) 3. Prepare Income Statement through gross profit (Periodic inventory system) for the month of April, 2019 assuming that the cost of inventory on April 1, 2019 was $3,500 and on April 30, 2019 was $12,650