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Presented below are transactions related to Sheffield Company.

On December $3,$ Sheffield Company sold $$416,000$ of merchandise to Sharif Co$.,$ terms $\frac{2}{10},$ n$/30,$ FOB shipping point. The cost of the merchandise sold was $$256,000.$

On December $8,$ Sharif Co$.$ was granted an allowance of $$20,600$ for merchandise purchased on December $3.$

On December $13,$ Sheffield Company received the balance due from Sharif Co$.$