signment 8 Part 1 of 4 Points: 0 of 2 On April 3, Silver Company sold $10,000 of merchandise on account to Milton Corporation, terms 5/10, n/30, FOB shipping point, Silver's cost of sales for this merchandise was $4,000. The merchandise left Silver's facility on April 4 and amived at Milton on April 10. Miton paid the invoice for the merchandise on April 11. Read the requirements Requirement 1. Prepa Corporation takes the c journal entries) Prepare the journal en Date April 41 Requirements 1. Prepare the journal entries for Silver Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Miton Corporation. Assume that Milton Corporation takes the discount if payment is within the discount period 2. Indicate which company (Silver or Miton) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 April 10 (Assume that Silver Company uses the gross method of recording sales discounts) Print Done Save ed receipt of payment from Milton Corporation. Assume that Milton Recond debits first, then credits. Exclude explanations from any