Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 eanh per unit (for a total cost of $20,000 ). May 5 kilied sold 1,000 of the units in Inventory for $14 per unit (involee total: $14,000) to Macy Corpany under credit teras 2/10,n/60. The goods cont A11led $10,000. May 7 Macy returns 100 units because they did bot fit the eustoner's need (invoice anount $1,400 ). A11ied restores then units, which oost 51,000 , to Its inventory. May 8 Macy discovern that 100 units are seuffed but are stil1 of use and, thetetore, keeps the units. Milied gives a price reduetion (allovance) and eredits Macy's accounti receivable for $600 to conpensate for the danage. May 15 Milied receiven paynent tron Macy for the amoust ored on the May 5 purchasei payment is net of returns, allowances, and any eash discount. Use the above informations, anolyze each transaction by indicating its effects on the income statement-specifically, identify the accounts and amounts (including + or for each transaction