please answer question b

The following are transactions between Crane Corp., the consignor, and Ivanhoe Stores Ltd., the consignee, for the month of June 2023. Crane uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Ivanhoe to Crane and a net payment is made. The agreement stipulates that Ivanhoe is to receive a 20% (of sales) commission and a 7% (of sales) rebate to offset its advertising expenses. June 1 Crane ships merchandise costing $488,000 on consignment to Ivanhoe Stores. June 5 Crane pays the freight of $4,000 for the above shipment of June 1. June 30 Summary entry for the month of June: Ivanhoe sells half of the merchandise for $625,000 cash. June 30 Ivanhoe notifies Crane that 50% of the merchandise has been sold for $625,000 and remits a cheque for the amount due under the consignment agreement. Crane records the receipt of the cheque from Ivanhoe. Your answer is correct. Prepare the journal entries necessary on the books of Crane. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record summary entry) Cash Advertising Expense Commission Expense Revenue from Consignment Sales (To record consignment sales) June 30 Cost of Goods Sold Inventory on Consignment (To record cost of goods sold) Prepare the journal entries necessary on the books of Ivanhoe Stores. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record summary entry) (To record payment to consignor)