Presented below are transactions related to Vaughn Company. 1. On December 3, Vaughn Company sold $414,000...

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Presented below are transactions related to Vaughn Company. 1. On December 3, Vaughn Company sold $414,000 of merchandise to Sharif Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $254,000. 2. On December 8, Sharif Co. was granted an allowance of $20,400 for merchandise purchased on December 3. 3. On December 13, Vaughn Company received the balance due from Sharif Co. Presented below are transactions related to Vaughn Company. 1. On December 3, Vaughn Company sold $414,000 of merchandise to Sharif Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $254,000. 2. On December 8, Sharif Co. was granted an allowance of $20,400 for merchandise purchased on December 3. 3. On December 13, Vaughn Company received the balance due from Sharif Co.