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Required information [The following information applies to the questions displayed below] The transactions listed below are typical of those involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Reader' Corner are made with terms n30, and the two companies use perpetual inventory systems, Assume the following transactions between the two companies occurred in the order listed during the year ended August 31 a. New Books sold merchandise to Readers' Comer at a selling price of $580,000. The merchandise had cost New Books $427,000 b. Two days later, Readers' Comer complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $13,000 to Readers' Comer. Readers' Comer also returned some books. which had cost New Books $2,600 and had been sold to Readers' Comer for $4,100 c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. Required: 1. For each of the events (a) through (c), indicate the amount and direction of the effect on New Books in terms of the following items. (Enter any decreases to account bolonces with a minus sign.) 1. For each of the events (a) through ( C, indicate the amount and direction of the effect on New Books in terms of the following items (Enter any decreases to occount bolances with a minus sign.)