[The following information applies to the questions displayed below. Powell Company began the 2016 accounting period with $19,800 cash, $61,800 inventory, $49,800 commorn stock, and $31,800 retained earnings. During 2016, Powell experienced the following events: 1. Sold merchandise costing $38,100 for $75,400 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $320 cash 3. Received returned goods from Prentise. The goods cost Powell $1,850 and were sold to Prentise for $3,810. 4. Granted Prentise a $1,170 allowance for damaged goods that Prentise agreed to keejp 5. Collected partial payment of $52,100 cash from accounts receivable