Sheridan Company sells 500 products for $100 each to Sunland Inc., payable in 30 days. Sheridan allows Sunland to return any unused product within 60 days and receive a full refund. The cost of each product is $63. To determine the transaction price, Sheridan decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the most likely amount. Using the most likely amount, Sheridan estimates that: 1. Six products will be returned. 2. The costs of recovering the products will be immaterial. 3. The returned products are expected to be resold at a profit. (a) How should Sheridan record this sale? Show journal entries under IFRS, including the entries to reflect cost of sales and the return of 2 units of product. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation (To record sale) Debit Credit