Sports Illustrated (SI) sells magazines to various retal stores across the country. The contract with the stores allows them to return the magazines within 30 days of receipt of they are not sold to a consumer. Al retail store customers have good credit ratings and receive the magazines onto the shelves to destination with payment due in 45 days after receipt. Past experience indicates that 22% of magazines are returned. Required: 1. $500,000 of magazines are sold to retail stores on January 15th 2020 and are received at the stores on Januay 21st sis cost of these magazines is 5150,00 0. Prepare all journal entries for the January transaction(s) 2. How much Gross Profit was recognized on the transaction you recorded in part (1) for January? 3. On February 1, 2020, customers returned $33,000 of magazines they purchased in January. Prepare the journal entry for this transaction 4. How much Gross Profit was recorded in February on the transaction you recorded in part (3)