Required information Exercise 4-28C (Static) Net method: Recording sales, purchases, shipping, and returns-buyer and seller LO P7 [The following information applies to the questions displayed below.] Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terns 3/10,n/90, FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $40,0e0 of goods to Troy, who receives them the sane day and restores them to its inventory. The returned goods had cost Troy $1,050. May 20 Sydney pays Troy for the anount owed. Troy receives the ca innediately. (Both Sydney and Troy use a perpetual inventory system and the net method.) Exercise 4-28C (Static) Part 2 Seller 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions