Question 6 of 14 0.5/1 E Sunland Company sells goods to Danone Inc by accepting a note receivable on January 2, 2020. The goods have a sales price of 5 600,400 (cost of $ 510,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $ 10,400. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Sunland for the full sales price. (a) Your answer is correct Prepare the journal entrylies) to record the sale and related cost of goods sold for Sunland Company on January 2 2020, and the payment on January 28, 2020. Assume that Sunland Company records the January 2, 2020, transaction using the net method Credit account titles are automatically indented when the 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 Debit Credit Account Titles and Explanation Notes Receivable Jan. 2. 2020 590000 590000 Sales Revenue (To record sales) 510000 Date Account Titles and Explanation Debit Credit 2, 2020 Notes Receivable 590000 Sales Revenue 590000 (To record sales) Cost of Goods Sold 510000 Inventory $10000 (To record cost of goods sold) h. 28,2020 Cash 600400 Notes Receivable 590000 Sales Discounts Forfeited 10400 (To record payment received) estion 6 of 14 0.5/1 Prepare the journal entry(ies) to record the sale and related cost of goods sold for Sunland Company on January 2, 2020, and the payment on January 28, 2020. Assume that Sunland Company records the January 2, 2020, transaction using the gross method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) (To rcord cost of goods sold) (To record payment received)