10 14. As a part of the closing process, the accounting department of the Company has determined that an item of inventory is in transit. The terms of this purchase are FOB shipping point. The total cost of the inventory, inclusive of freight is $10,000, which has not been paid. If necessary, prepare the journal entry, as of December 31, 2021 to record this inventory purchase. The inventory has not been previously recorded. + 15. On December 31, 2021, the Company's Board of Directors declared a dividend payable to all common stock holders as of December 31, 2021 in the amount of $15,000. The dividend will be paid March 1, 2021. 7 of 7 TEST 3 Problems....docx > W TEST 3 Problems....docx Show all