arons Agency sells an insurance policy offered by Capital Insurance Company for a commission of $120. In addition, Aaron will receive an additional commission of $10 each year for as long as the policyholder does not cancel the policy. After selling the policy, Aaron does not have any remaining performance obligations. Based on Aarons significant experience with these types of policies, it estimates that policyholders on average renew the policy for 4.0 years. It has no evidence to suggest that previous policyholder behavior will change.Prepare the journal entries, assuming that the 120 policies are sold in January 2014 and that Aaron receives commissions from Capital. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)