HHH, Inc. is starting a new video streaming service focused entirely on outdoor enthusiasts and wants to provide original content that their specialized audience is interested in. HHH, Inc. has paid $55,000 to Fly Fishing, Inc. to make a series of 10 adventure videos of fishing trips to remote and exciting locations. This is an advance for Fly Fishing to use to finance making of the videos and HHH, Inc. will pay an additional $10,000 for each adventure episode when it is complete and will share with Fly Fishing 10% of the ad revenue for ads sold on the videos once they are loaded onto HHH's platform. Please apply the general principles of accounting to determine what should be included in HHH's annual report with regard to this arrangement with Fly Fishing. Please apply the general principles also from the perspective of Fly Fishing. Be careful to consider where and how much should be reported by describing the application of the general principles.