Ivor borrowed $420,000 from lear bank. at lear's request, ivor entered into an agreement with ash, kane, and queen for them to act as co-sureties on the loan. the agreement between ivor and the co-sureties provided that the maximum liability of each co-surety was: ash, $84,000; kane, $126,000; and queen, $210,000. after making several payments, ivor defaulted on the loan. the balance was $280,000. if queen pays $210,000 and ivor subsequently pays $70,000, what amounts may queen recover from ash and kane?

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)