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01100 PM 94 min NERER Question 6 During 2030, Blue Spruce Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs

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01100 PM 94 min NERER Question 6 During 2030, Blue Spruce Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Blue Spruon for a lump sum of $50,400, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock. Three types of challs are included in the carload. The three types and the estimated selling price for body as follows: Estimated Selling Ivo No. of Chairs Price per Chair Lounge Chairs 470 $93 Straight chairs 640 53 Armchairs 360 79 Blue Spruce estimates that the costs to sell this inventory would be $5 per chair. During 2020, Blue Spruce Bells 400 lounge chairs, 260 armchairs, and 140 straight chairs, all at the same orice as estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chalet 25% off the regular price, the armchairs at 30% off, and the straight chaluat 40off. All were expected to be sold at these prices. What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative ale value method? (Round percentages to declece .. 52.7 and all other amounts to 2 decimal places 52.75.) Tutal costs Attempts: 0 of 1 used MURIT ANSWER Info on tor Crane fois 1. On July 6, Crane acquired the plant assets of Desbury Company, which had discontinued operations. The property was appraised by a reliable, Independent valuator on the date of acquisition as follows: Land Building-structure Huilding HVAC Machinery Total $517,000 2.401,000 177,000 790,000 13,885,000 Crane gave 23,000 of its common shares in exchange. The most recent sale of Crane's common shares took place last month, when 6,400 shares were sold for $175 per share, 2. Crane had the following cash expenses between July 6 and December 15, the date when it first occupied the building: Renovations and refurbishments of building $ 101,000 Construction of bons for machinery to be installed later 332.000 Driveways and parking lota 123.000 Remodelling of office space in building, including new partitions and walls 65.000 Special assessment by city on land 20,000 On December 20, Crane purchased machinery for $267.000, subject to a 3% cash discount, and paid freight on the machinery of $19,900. The machine was dropped while being placed in position, which resulted in Daving the supplier for repairs costing $21,000. The company paid the supplier on the day that the machinery was received and recorded the purchase of machinery nit of any discount. Prepare the entries for these transactions on the books of Crane Ltd Crane prepares financial statements in accordance with IFR5, (Credit account titles ant automatically Indented when the most is entered. Do not inden muually. If no entry coquired, select "No Entry for the account titles and enter for the amount) Account Tits and explanation Debit Credit 3 E4 Backupi kleso, Intermediate Accounting, 120 D2L: SHERIDAN COLLEGE-TRAFALGAR CAMPUS: Kiese, Intermediate Accounting, 13CE Volume 1 (12.17) RETRO 110 M2 BAON a) Prepare the entries for these transactions on the books of Crane itd Crane prepares finandal statements in accordance with IFRS. (Credit account titles are automatically Indented when the mount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the mos) No Accountities and Explanation Det Credit 11 7 To record purchase of property To recont purchase of machinery

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