Save Riley Corporation purchased inventory costing $130,000 and sold 80% of the goods for $204,000. All purchases and sales were on account. Riley later collected 20% of the accounts receivable. Assume that sales retums are nonexistent Read the requirements Accounts Receivable 40 800 2. For these transactions, show what Riley will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is SO. (If an input field is not used in the table leave the beld empty, do not enter a label or enter a zero) Determine what the company will report on the balance sheet Inventory Balance Sheet $ 26,000 Determine what the company will report on the income statement Income Statement Help me solve this Etext pages Get more help- Clear all Check answer 947 PM