%09 H.w 7+8.docx Question 1: (Spain) During June the following transactions for inventory occurred in James Company Aung 1 Balance 1400 units 524 14 Purchased 900 units a $36 24 purchased 700 units $30 400 units esso 10 sold 1.000 units 540 29 sold 500 units 544 What is the ending inventory under the folowing methods of the company uses perpetual 1. Moving average (2.5 points) 2. FIFO 25 points) Question 26 points On July 1, 2015 Green Company finished consultation services and accepted in exchange promissory note with a face value of 400,000, a due date of July 1, 2018, and a stated rate of with interest receivable at the end of each year. The tair value of the notes E350 265) Under the circumstances, the note is considered to have an appropriate imputed at of interest of 10% Instructions A Prepare a Schedule of Note Discount Amortization for Green Company under the effective vierest method for the year of 2015, 2016, (Round to whole dollars. (points) B-Assuming Green Company fiscal year end is December 31, Prepare the necessary journal entries for December 31, 2015 and December 31216 (2points)