Question 27 (6 points) Recovery Experts (RE) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. RE offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 June 12 Tune 13 June 16 Luke's hard drive crashes and he sends it to RE. After initial evaluation, RE e-mails Luke to let him know that full data recovery will cost $1,600. |Luke informs RE that he would like them to recover the data and that he is a student at USC, qualifying him for a 10% educational discount and reducing the cost by $160 ($1.600 x 10%). RE performs the work and claims to be successful in recovering all data. RE asks Luke to pay within 30 days of today's date, offering a 5% discount for payment within 10 days. When Luke receives the hard drive, he notices that RE did not successfully recover all data. Approximately 25% of the data has not been recovered and he informs RE. RE reduces the amount Luke owes by 25%. Luke pays the amount owed. Tune 19 June 20 June 30 Required: 1. Record the necessary transactions(s) for Recovery Experts on each date. 2. Calculate net revenues. 3. Show how net revenues would be presented in the income statement 4. Calculate net revenues if Luke had paid his bill on June 25