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Crane Inc. is an agent for Phillips Co. and negotiates sales contracts between Phillips and...

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Accounting

Crane Inc. is an agent for Phillips Co. and negotiates sales contracts between Phillips and the final customer for heating and air conditioning units. By agreement, Crane is to receive a commission of 16% on each sale. During the last quarter, Crane negotiated sales of 500 furnaces for total sales of $150,000. The total cost of the furnaces is $92,700. Required: Calculate the amounts that would be recognized and reported by Phillips and Crane for the last quarter.

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