Sunland Treasures Company sells home furnishings. On February 1, Sunland Treasures entered into a contract with Simon Development Ltd. for home furnishings with a selling price of $48,000 and terms of n/30. The goods cost Sunland $33,600. Sunland Treasures has a stated return policy of 20 days from the date of sale and based on past transactions, management determines that returns are 5% of sales 65% of the the the and 10% of sales 35% of the were delivered to Simon Development on February 15. Sunland Treasures uses the expected value method to estimate returns and the contract-based approach for revenue recognition. (b) Your answer is correct. Calculate the transaction price for this contract. Transaction price $ Prepare the journal entries to recognize revenue on the appropriate date. (Hint: The expected value method is also used to determine the amount for cost of goods sold and estimated inventory returns.) (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 0 for the amounts. List all debit entries before credit entries.)