On January 3, Gray Bayou purchase goods from Artic Corporation for $2,250. The cost to Artic Corporation for the good was $710. The freight terms were FOB shipping point at a cost of $225, which was paid in cash. Assuming both companies use a perpetual inventory system, prepare the appropriate journal entries for: a) Gray Bayou b) Artic Corporation Clearly label which entries are for which company and whether the company is the buyer or seller