Problem III: (12 points) Ingalls Corp. sells a product that includes a cash rebate. Additional information is as follows: Each product sells for $900, and the cost of the product is $200. In March of 2021, 100 units were sold for cash. Ingalls uses the perpetual inventory system. A $100 cash rebate is packaged with each unit. The customer is required to mail the rebate back within 60-days of the product purchase date to receive cash back. Ingalls estimates 30% of the rebate forms will be returned within 60-days of the purchase date. Part A: Prepare the summary entries to recognize sales revenue, cost of goods sold, and the rebate liability for March. (9 pts) Debit Credit Date Mar 2021 Part B: Assume that in April of 2021, fifteen (15) rebates are received back from customers. All the rebates were received within 60 days of the product's purchase date. Prepare the summary entry to record the cash rebates given to customers. (3 pts) Debit Credit Date April 2021