Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms 2/10, n/30, and that the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Corner at a selling price of $550,000. The merchandise had cost New Books $415.000. b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $10,000 to Readers' Corner C. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. 2. Prepare the journal entries that Readers' Corner would record and show any computations. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction General Journal Credit Debit 550,000 a. Inventory Accounts Receivable 55,000 X 10,000 Accounts Payable Inventory 10,000 C. Cash 529,200 Sales Discounts 10,800 Accounts Receivable 540,000 X *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. esponse was respected in a cell or a formula-based calculation is incorre