On July 2, Cardinal Corp. ships merchandise costing $575,000 on consignment to Dolphin Stores. Cardinal pays the freight of $15,000. Upon sale, Dolphin Stores will receive a 13% commission and a 8% allowance to offset its advertising expenses. At the end of the month, Dolphin notifies Cardinal that 55% of the merchandise has been sold for $760,000. Instructions Record the journal entries required by the two companies to account for this consignment. Question 6.4 On June 15,2023 , Lion Construction signed a $360,000 contract to build a small building. Lion estimated that the total cost would be $320,000. Construction started immediately because the required completion date was August 31, 2024. Lion's relevant data relating to this construction project were as follows: Instructions Calculate how much gross profit that Lion should recognize each year, assuming: Method Used For 2023 For 2024 a) Completed contract b) Percentage-of-completion