QUESTION 1 Annual credit sales of Smith Corp. total $1,200,000. The firm gives a 3% cash discount for payment within 10 days of the invoice date. 30% of Smith's accounts receivables are paid within the discount period. What is the total amount of cash discounts taken in the year? DO NOT INCLUDE ANY $ SIGNS, COMMAS, OR DECIMAL POINTS IN YOUR RESPONSE QUESTION 2 Smith Corp. is in the process of liquidating and going out of business. The firm has $20,000 in cash, inventory totaling $1,000,000, accounts receivable of $200,000, plant and equipment with a $400,000 book value, and total liabilities of $700,000. It is estimated that the inventory can be disposed of in a liquidation sale for 65% of its cost, all but 25% of the accounts receivable can be collected, and plant and equipment can be sold for 30% of net book value. Calculate the amount of cash that would be available to the stockholders if the accounts receivable are collected, the other assets are sold as described, and the liabilities are paid in full. DO NOT INCLUDE ANY $ SIGNS, COMMAS, OR DECIMAL POINTS IN YOUR ANSWER