term f2 Questions 14-16 of 24 IThe following information applies to the questions displayed belowJ The transactions listed below are typical of those Involving New Books Inc. and Readers' Corner New Books wholesale and Readers' Corner ls a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner made with te 2Mo, n/30, and that the two companies use in the systems. Assume the following transactions between the two companies occurred order listed during the year ended August 31. a. New Books sold merchandise to Readers Corner at a selling price of $600,000 The merchandise h b. cost New Books $435,000. New some merchandise from Two days later, Readers' Corner complained to to give an allowance to Readers' what Readers' Corner had ordered Books agreed c Corner Books, which all owed. Just three days later, Readers Corner paid New settled amounts 10.00 points Required: (c), indicate the amount and direction of the effect on New Books in each of the events (a) through with a minus sign) terms of the following items. (Enter any decreases to account balances Sales Returns and Sales Discounts Net Sale Cost of Goods s Revenuen