The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Riverbed Ltd. sold goods to Concord Corp. for $85,600, terms n/15, FOB shipping point. The inventory had cost Riverbed $45,600. Riverbed's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,200 were paid by the appropriate company. 8 Concord returned unwanted merchandise to Riverbed. The returned merchandise has a sales price of $2,640, and a cost of $1,400. It was restored to inventory. 11 Riverbed received the balance due from Concord. (a) Record the above transactions in the books of Riverbed. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 3$ Accounts Receivable \begin{tabular}{|r|} \hline 85,600 \\ \hline \end{tabular} Sales Refund Liability (To record credit sale) 44,232 Estimated Inventory Returns \begin{tabular}{|r|} \hline 1,368 \\ \hline \end{tabular} Inventory (To record cost of merchandise sold) Dec. 71 No Entry 0 No Entry Dec. 8 Refund Liability Accounts Receivable Record the above transactions in the books of Concord. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Calculate the gross profit earned by Riverbed on the above transactions