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12. Gold Group has an arrangement in which it sells gold coins through Fear Investment Corp.(FIC). Gold Group agrees to reimburse FIC for any advertising

12. Gold Group has an 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 2020, Gold Group places $25 million in gold coins with FIC (the cost for the gold coins was $15 million, including shipping costs). FIC incurs $21,000 in advertising costs and sells $20 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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