Required information Exercise 4-28C (Static) Net method: Recording sales, purchases, shipping, and returns-buyer and seller LOP7 [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 fron Troy: invoice dated May 11 , terms 3/10,n/90, F08 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, 00e of goods to Troy, who -receives then the sane day and restores then to its inventory. The returned goods had cost Troy $1,050. May 20 sydney pays Troy for the amount owed. Troy receives the cash inmediately. (Both Sydney and Troy use a perpetual inventory system and the net method.) Exercise 4-28C (Static) Part 1 Buyer 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions