Question Three: (15 marks) (B1, C1) Part A: (9 marks) On June 2020, Manama Company opened its first branch. Separate accounting records were established for the branch. Both the home office and the branch used the perpetual inventory system. Among the intercompany transactions were the following: 1. The company transfer $10,000 cash to the branch. 2. Home office shipped merchandise costing $130,300 to branch at a billed price of $162,500 3. Credit sales by the branch amounted to 80,000, and the cost of goods sold was $56,750. 4. Branch acquired truck for $4,000 cash and a note payable of $11,000; both the truck and the note payable will be carried in the accounting records of the home office 5. The branch paid operating expenses of $30,000. 6. Operating expenses incurred by the home office and charged to the Branch totaled $4,400 Instructions: Prepare the journal entries on the Company records and on the branch records