A fire damaged 6 flat-screen LCD television
A fire damaged 6 flat-screen LCD television and 14 DVD players held for sale by Awesome Electronics Inc. Since the damage was not covered by insurance, the items will be repaired and sold in accordance with the following data:Â
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 Data per Unit LCD Television DVD Players
 Normal Selling Price  $1,500 $400
Purchase Price  $1,200  $300
 Repair Costs  $ 105  $ 90Â
Selling Costs  $  45  $ 30
 Selling Price (after Repairs) $ 675  $160Â
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Required: Provide Journal Entries, if any, to record the fire damage, in accordance with IFRS, for Jan. – Dec. 2016 fiscal year.Â
Answers
Status NEW
Posted 11 Jul 2017 06:07 AM
My Price 5.00
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Attachments
file 1499754004-Solutions file.docx preview (51 words )
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