On Mardh $10\mathrm{.}202$S$.$ Nawhoe Compuny sold ts Kinghird Hurdware $1$ HO tool sets it a price ed $$52$ each foost $$32$ per setf with Serms of prolic On March $25,20$as$,$ Kingtied veturned $7$ lod sets and received a credit to its wcoount. Ausume that instead of nelling the fool sets encrede, thut feachee sold then for cath.

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$($To reciell canh malo$)$On March $10,2025,$ Ivanhoe Company sold to Kingbird Hardware $190$ tool sets at a price of $$52$ each $($cost $$32$ per set$)$ with terms of $\frac{n}{60},$ t$.$o$.$b$.$ shipping point. Ivanhoe allows Kingbird to return any unused tool sets within $60$ days of purchase. Ivanhoe estimates that $(1)10$ sets will be returned, $(2)$ the cost of recovering the products will be immaterial, and $(3)$ the returned tools sets can be resold at a profit. On March $25,2025,$ Kingbird returned $7$ tool sets and received a credit to its account.

$($a$)$

$($b$1)$

Indicate the income statement reporting by Ivanhoe at March $31,2025,$ of the information related to the Kingbird sales transaction.

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List of Accounts

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$($b$2)$

Indicate the balance sheet reporting by Ivanhoe at March $31,2025,$ of the information related to the Kingbird sales transaction.On March $10,2025,$ Ivanhoe Company sold to Kingbird Hardware $190$ tool sets at a price of $$52$ each $($cost $$32$ per set$)$ with terms of $\frac{n}{60},$ t$.$o$.$b$.$ shipping point. Ivanhoe allows Kingbird to return any unused tool sets within $60$ days of purchase. Ivanhoe estimates that $(1)10$ sets will be returned, $(2)$ the cost of recovering the products will be immaterial, and $(3)$ the returned tools sets can be resold at a profit. On March $25,2025,$ Kingbird returned $7$ tool sets and received a credit to its account.

$($a$)$

$($b$1)$

$($b$2)$

Indicate the balance sheet reporting by Ivanhoe at March $31,2025,$ of the information related to the Kingbird sales transaction.

IVANHOE COMPANY

Balance Sheet $($Partial$)$

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Ust of Accounts

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