Replacement Assignment for test 2 & test 3[ 25 Marks] Problem Solving (13 marks] 1. Recording the following transactions in general journal form: During 2017 Rozan Company experienced the following events: a. Purchased inventory costing $8,500 from Lorex Company, under the terms 2/10, n/30. b. The merchandise purchased in event (a) delivered FOB shipping. Freight costs of $400 were paid in cash. C. Returned $600 of the inventory purchased in event (a) since it was damaged. d. The account payable was settled after eleven days from the date of purchase. e. Sold inventory that had cost of $9,000 for $15,000, under the term 2/10, n/40. f. Customer in Event (e) returned inventory after three days of the purchase. The inventory worth $1,500 and had cost of $900. 8. The customer paid the amount within the discount period. h. Land that had cost of $9,500 was sold for $10,000. 1. Paid $2,000 for selling and administrative expense. Theoretical Part [12 marks] [It should accommodate properly cited references. The reference list needs to be in APA stylel. Explain the effect of applying FIFO, LIFO, and Weighted Average methods on the Balance Sheet and the Income statement, provide an example to support your explanation [6 marks). Explain the following terms: a. Financial Accounting. [3 marks] b. Depreciation account. [3 marks]