Problem 7-10 (Static) Miscellaneous receivable transactions; financial statement effects [LO7-3, 7-4, 7-7, 7-8] Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31 . During 2024, the following transactions related to receivables occurted: Februbry 2ll 5old merchandise to Lennox, Incorporated, for 310,0e0 and accepted a 10x, 7 - wonth note. 10x is an appropriate rate for this type of note. March 31 sold serchandise to moddox combany that hod a fair value of 57,200 , and accepted a noniniterest-bearing note for which 38, eod puysent is due on Morch 39,2025. April, 3 Sold merchandise to carr company for $7,090 with terms 2/10, "Po. Evergreen uses the gross aethod to account for cash discounts. April 11 collected the entire asount due froa carr cospany April 17 A custoetr returned merchandise costiag $3,200. Evergeren redoced the custoner's necelvable balance by 55,000 , the sales peice of the serchandise. Sales returns are recorded by the coopany as they occur. Apir11 30 Transferred receivables of 550,000 to a foctor without recourse. The factor charged Evergreen a 18 finance charge on the recelvables transferred. The sale criteria are net. June so piscounted the Lennox, Incorporated, note at the bank. The bank's discount rate is 12x. The note was discounted without recourse. septeaber so tennow, Incerporated, paid the note amount plos interest to the bank. Required: 1. Prepare the necessary journal entries for Evergreen foc each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold 2. Prepare any necessary adjusting entries at December 31, 2024 Adjusting enties are only recorded at year-end. 3. Prepare a schedule showing the effect of the journal entires on 2024 income before taxes. Complete this question by entering your answers in the tabs below. Pepare the necessary fournal entries for Evergreen for each of the above dates. For tranuctions involving the sale of merchandiset, ganore the entry for the cost of goods sold