sodeman Art Gallery operates a retail store in Florida. All art displayed in the gallery is available for purchase. wht of the art is owned by the gallery. However, there are also works on display that belong to other artists. When the consigned art is sold, sid remits 75% of the proceeds to the creator and retains a 25% commission. Nut belonging to the gallery is marked to se Following is a complete list of art on display in the gallery, along with the retail selling price. (a) Identify if Sid Breman Art Gallery is the consignor or the consignee. Should the consigned inventory be reported on the balance sheet of the gallery? What special accounting/control challenges are presented by the existence of consigned inventory? (b) Determine the correct inventory valuation to be reported by the gallery. (c) Prepare a compound journal entry to reflect the sale of a consigned art item for $1,000 cash. Assume Sid reports only the commission as a revenue, and reflects the amount due to the artist as a payable