The following transactions are for Unique Artworks Led .1 . On ] December Unique Artworks Led sold $ 792 000 of inventory to Cambridge Collectables Led ,terms 2 /7 . 17/'30 . The cost of the inventory sold was $ 5 20 000.2 . On & December Cambridge Collectables Led was granted an allowance of $ 3 3 000 for inventorypurchased on ] December .3 . On 13 December Unique Artworks Led received the balance due from Cambridge Collectables Led .Required .( a) Prepare the journal Entries to record these transactions in the records of Unique Artwork'sLEd .(b ) Assume that Unique Artworks Led received the balance due from Cambridge CollectablesLed on Z January of the following year instead of 13 December . Prepare the journal entryto record the receipt of payment on ? January .( c ) What are the advantages and disadvantages associated with granting a discount for earlyPayment ?"