Blossom Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Blossom ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Blossom on consignment. During 2020, Blossom ships $ 100,000 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $ 60,000. CMR notifies Blossom of the sales, retains a 20% commission, and remits the cash due to Blossom. Prepare all the necessary journal entries on the books of Blossom Manufacturing to record the consignment transactions. (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 Ofor the amounts.) No. Account Titles and Explanation Debit Credit 1. Inventory on Consignment 100000 Inventory 100000 (To record shipped merchandise) 2. Cash 48000 Cash Commission Expense 12000 Consignment Sales 60000 2. Cash 48000 Commission Expense 12000 Consignment Sales 60000 (To record year end sales entry) 3. Cost of Goods Sold 65000 Inventory on Consignment 65000 (To record year end cost of goods) Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record year end sales entry) 2. (To record remittance to consignor)