Mars Musical Instrument Company and Tiger Company engaged in the following trans

Mars Musical Instrument Company and Tiger Company engaged in the following transactions with each other during July 2010:July 2 Mars Musical Instrument Company purchased merchandise on account with a list price of USD 48000 from Tiger Company. The terms were 3/EOM n/60 FOB shipping point freight collect. Trade discounts of 15 per cent 10 per cent and 5 per cent were granted by Tiger Company.5 The buyer paid the freight bill on the purchase of July 2 USD 1104.6 The buyer returned damaged merchandise with an invoice price of USD 2790 to the seller and received full credit.On the last day of the discount period the buyer paid the seller for the merchandise.Prepare all the necessary journal entries for the buyer and the seller.