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On July 2, Eagle Ltd. shipped merchandise costing $360,000 on consignment to Goldfinch Stores. Eagle paid...

On July 2, Eagle Ltd. shipped merchandise costing $360,000 on consignment to Goldfinch Stores. Eagle paid freight costs of $10,000. Upon sale, Goldfinch will receive a 12% commission. At the end of the month, Goldfinch notifies that 50% of the merchandise has been sold for $560,000, and send Eagle the money via electronic transfer.

Prepare the journal entries for Eagle Ltd. to account for this consignment in the month of July.

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