Agroup known as which included graphic designer wim crouwel, product designer frisco kramer, and graphic and architectural designer benno wissing, was a comprehensive design firm whose goal was to conceive and implement "ideas on design in all fields, in order whenever possible to achieve a unity of thought…in these fields." during the 1960s and 1970s, this firm played a dominant role in dutch design. projects included visual-identity programs, such as the ones for the pam petroleum company and furness holding, and for museum exhibitions with related graphics, book design, signage, and environments.

Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?