Hi I am working on this problem: On July 10, 2017, Bonita Music sold CDs to retailers on account for a selling price of $880,000 (cost $704,000). Bonita grants the right to return CDs that do not sell in three months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Bonita and were granted credits of $79,000. Prepare Bonita's journal entries to record the $79,000 of actual returns on October 10, 2017. The company follows IFRS.
I am good with all of it except how to get the numbers for the following journal entry to correct the estimated returns