Lon has just come home from serving in the marines and contracts with a local car dealership to purchase a car. the car must be ordered, and payment is to be made when the car arrives. the next day, lon receives orders to return to active duty. realizing that he doesn't need the car, he brings tony to the dealership and asks that tony substitute for him. tony will take delivery and ownership of the car, and tony will pay the dealership upon delivery. the dealership agrees to have tony substitute for lon. what has occurred?

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u.s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.