Sheridan Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Sheridan ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Sheridan on consignment. During 2020 , Sheridan ships $114,000 in merchandise to CMR. At the end of 2020 , CMR has sold 65% of the merchandise for $63,500. CMR notifies Sheridan of the sales, retains a 20% commission, and remits the cash due to Sheridan. Prepare all the necessary journal entries on the books of Sheridan Manufacturing to record the consignment transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)