Sunland Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Sunland estimates returns of 15%. Sunland sells these planters on account for $1,620,000 (cost $810,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Prepare the journal entry for Sunland at January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account tities and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan 2, 2020 (To recognize revenue.) (To record cost of goods sold.) e Textbook and Media List of Accounts Assume that one customer returns planters on March 1, 2020, due tounsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $92,000 of planters from Sunland and also record the entry required to pay the full amount due by March 15, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account tities and enter for the amounts. Date Account Titles and Explanation Debit Credit (To record sales returns) (To record cost of goods returned) e Textbook and Media List of Accounts Assume Sunland prepares financial statements quarterly. Prepare the necessary entries (if any) to adjust Sunland's financial results for the above transactions on March 31, 2020, assuming remaining expected returns of $151,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account tities and enter for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 31, 2020 (To record sales returns) (To record cost of goods returned)