The following transactions pertain to Maram Merchandising Company 1. The company invested $50,000 cash in Reef branch. 2. The company shipped merchandise to Reef branch costs $80,000 3. Furniture was acquired by Reef Branch for $30,000 to be carried in home office accounting records, 4. Reef branch purchases $20,000 of merchandise from a supplier on the account. 5. Reef branch sold merchandise by $100,000, and the COGS was $70,000 6. Reef branch paid $10,000 from Maram account payable balance 7. Maram Company paid the total batance of branch accounts payable to the supplier. 8. Reef branch collects $60,000 from the total balance of its account receivables. 9. Reef paid $5,000 of operating expenses 10. Maram paid $3,000 of branch operating expenses. 11. Reef transfer $25,000 to Maram. Instructions: Prepare the journal entries for both companies