Illustrative 7: ABC Co. enters into a consignment arrangement with XYZ, Inc. Under the arrangement, ABC Co. transfers goods to XYZ, Inc. which XYZ, Inc. undertakes to sell on behalf of ABC Co. In exchange, XYZ, Inc. is entitled to a 20% commission based on sales. The following are the transactions: April 1 XYZ, Inc. accepts delivery of consigned goods with total sales value of P 390,000. The costs of those goods to ABC Co. is P 220,000. April 3 XYZ, Inc. sells consigned goods costing P 55,000 for P 100,000. ABC Co. is not notified of the sale. April 7 XYZ, Inc. makes the weekly remittance of sale proceeds, net of commission, to ABC Co. Required: 1. Prepare the journal entry on April 1 on the books of both consignor and consignee. 2. Prepare the journal entry on April 3 on the books of both consignor and consignee. 3. Prepare the journal entry on April 7 on the books of both consignor and consignee. 4. Prepare the journal entry on April 3 on the books of both consignor assuming ABC Co is notified of the sale. 5. Prepare the journal entry on April 7 on the books of both consignor assuming ABC Co is notified of the sale.