Purchase$-$Related Transactions Milan Co$.,$ a women's clothing store, purchased $$120,000$ of merchandise from a suppiler on account, terms FOB destination, n$/30.$ Milan Co$.$ returned $$16,000$ of the merchandise, receiving a credit memorandum, and then paid the amount due. Illustrate the effects on the accounts and financial statements of Milan Co$.$ to record the following transactions. If no account or activity is affected, select $"$No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative

amounts.

C$.$ please include the financial statement effects for the payment as well