Crane Inc. is an agent for Phillips Co. and negotiates sales contracts between Phillips and the final customer for heating and alr conditioning units By agreement, Crane is to receive a commission of 15% on each sale. During the last quarter, Crane negotiated sales of 100 furnaces for total sales of $60,000. The total cost of the furnaces is $37000 Required: Calculate the amounts that would be recognized and reported by Phillips and Crane for the last quartet Phillips Crane 9,000 $ 9,000 Gross Sale Cost of goods sold Commission Expense Commission Revenue