Appalachian Toy Company sells wooden toys to Banner Elk General Store with an agreement that Banner Elk can return for full credit any toys not sold within a 3-month period. Historically, Banner Elk has returned approximately 20% of the toys from Appalachian. How should Appalachian record sales to Banner Elk? O Appalachian should record sales revenue net of estimated returns when the goods are transferred to Banner Elk O Appalachian should record sales revenue as the toys are sold by Banner Elk. O Appalachian should not record sales revenue until the return period has expired. O Appalachian should record sales revenue at the gross amount when the goods are transferred to Banner Elk.

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