Question: Gold Group has a consignment arrangement in which it sells gold coins through Fear Investment Corp. ( FIC ) . Gold Group agrees to reimburse

Gold Group has a consignment arrangement in which it sells gold coins through Fear Investment Corp.(FIC). Gold Group agrees to reimburse FIC for any advertising costs and pay a 10% commission. During March 2024, Gold Group places $150 million in gold coins with FIC (the cost for the gold coins was $115 million, including shipping costs). FIC incurs $80,000 in advertising costs and sells $80 million of the gold coins to their clients.
a.Prepare the journal entries for FIC for March.
b. Prepare the journal entries for Gold Group for March

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