Question 2 Skysong Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of retum extends for 4 months. Skysong estimates returns of 15%. Skysong sells these planters on account for $1,390,000 (cost $764,500) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020 Prepare the journal entry for Skysong at January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If ne entry is required, select "No entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, 2020 (To recogte revenue) (To record cost of goods sold.) LINK TO TEXT Assume that one customer returns planters on March 1, 2020, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $90,000 of planters from Skysong and also record the entry required to pay the full amount due by March 15, 2020. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales returns) (no record cost of goods returned) UNK TO TEXT Assume Skysong prepares financial statements quarterly, Prepare the necessary entries (if any) to adjust Skysong's financial results for the above transactions on March 31, 2020, assuming remaining expected returns of $118,500. (Credit account wiles are automatically indented when amount is entered De not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Mar. 31, 2020 (To record sales returns) The cost of goods returned)