The provided documents describe two business transactions. (Click the icon to view the invoice.) (Click the icon to view the debit memo.) Eddie's Bicycle Shop paid the balance due on March 21. Both Eddie's Bicycle Shop and Schwinn Company use a perpetual inventory system. Schwinn Company's cost of the bicycles sold to Eddie's Bicycle Shop was $1,280. Schwinn Company's cost of the returned merchandise was $256. Required Requirement 1. Record these transactions and Eddie's cash payment on March 21 in the books of Eddie's Bicycle Shop. (Record debits first, then credits. No explanations are required. Round amounts to the nearest whole dollar.) March 14: Eddie's Bicycle Shop purchases bicycles from Schwinn Company. Journal Entry Date Accounts Debit Credit Mar. 14 Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check Answer i Invoice X Invoice : Date: March 14, 2020 Sold to: Eddie's Bicycle Shop Sold by: Schwinn Company Terms: 2/10, n/30 Items Purchased Bicycles Quantity Price Total 8 $ 152 $ 1,216 2 112 224 10 96 960 $ 2,400 Total 8 Print Done i Debit Memo X Date: Debit Memo March 20, 2020 Schwinn Company Eddie's Bicycle Shop Sold to: Sold by: Items Returned Bicycles Quantity Price Total 2 $ 152 $ 304 2 2 224 112 $ 528 Total Reason: Damaged in shipment Print Done Selected amounts from the accounting records of Profound Video Sales for the year ended December 31, 2020, follow. (Click the icon to view the accounting records.) Required 1. Profound Video Sales uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2020. 2. Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2019, was $29,000 and on December 31, 2020, was $46,000. Last year the turnover rate was 4.7 times. Does this two-year trend suggest improvement or deterioration in inventory turnover? 3. Compute the gross margin percentage, and compare it with last year's value of 41.13 percent for Profound Video Sales. Does this two-year trend suggest better or worse profitability during the current year? Requirement 1. Profound Video Sales uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2020. Begin with the heading, and then complete the body of the statement, one section at a time, as presented. Choose from any drop-down list and then click Check Answer. ? 7 parts Clear All Check Answer remaining i Accounting records X Dec. 297,000 3,000 300,000 271,200 31 Sales Revenue Interest Revenue Income Summary 31 Income Summary Cost of Goods Sold Sales Discounts Sales Returns and Allowances Selling Expenses General Expenses 31 Income Summary B. White, Capital 31 B. White, Capital B. White, Withdrawals 197,000 8,900 4,300 38,000 23,000 28,800 28,800 30,000 30,000 Print Done