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Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $70,000 from ShipAway cruise liner. Travel Inc.

Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise packagecosts Carmel $70,000 from ShipAway cruise liner. Travel Inc. receives a commission of 6% of the total price.Travel Inc. therefore remits $65,800 to ShipAway. Prepare the entry to record the revenue recognized byTravel Inc. on this transaction

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