st1(110 miru. 15) Question 18 of 23 > -/15 Current Attempt in Progress Flounder Company enters into a contrast to sell $8,600 of merchandise, n/30. The cost of the merchandise to Flounder is $4,900. Flounder's management uses the expected value method to estimate returns and has the following information from similar contracts: 45% of the time, returns are 15 of sales and 55% of the time, returns are 10% of sales. The performance obligation was completed on September 20 Calculate the transaction price for this sale assuming the company follows IFRS and uses the expected value method to estimate returns. (Round answer to decimal places, es 5,125), Transaction price $ Prepare the journal entry to record the sale, ignoring any entries required for estimated inventory returns, cost of goods sold and merchandise inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit BI Type here to search