19% 10:10 Accounting 2.docx Q1. Blackburn Appliance Center accumulates the following cost and net realizable value data at December 31 Inventory Cost Net Realizable Categories Data Value Data Cameras 12,000 12,100 Camcorders 9,420 9,200 Blu-ray players 14,000 12,800 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory Q2. Zammit Company reports net income of 90,000 in 2017 however ending inventory was understated 5,000. What is the correct net income for 2017? What effect, if any, will this error have on total assets as reported in the statement of financial position at December 31, 2017? Q3. The information below relates to the cash account of Amman company Cash balance per the bank statement 22,000 on September 30, 2018 on this date the balance of cash per books 24,000 1. Deposits in transit at September 30 were 7,000 2. Outstanding checks 8,000. 3. NSF checks 3,000 Instructions (a) Prepare the bank reconciliation at September 30. (b) Prepare the adjusting entries at September 19% 10:10 Accounting 2.docx Instructions (a) Prepare the bank reconciliation at September 30. (b) Prepare the adjusting entries at September 30, Q4. Arma Ltd, sells equipment on September 30, 2017, for 20,000 cash. The equipment originally cost 72,000 and as of January 1, 2017, had accumulated depreciation of $42.000. Depreciation for the first 9 months of 2017 is 4,800. Prepare the journal entries 1. update depreciation to September 30, 2017, and 2. record the sale of the equipment Q5. Jackie Chan Mining Co. purchased for $7 million a mine that is estimated to have 28 million tons of ore and no residual value. In the first year, 4.7 million tons of ore are extracted. Prepare the journal entry to record depletion for the first year. Q6. Felipe SA purchases a patent for R$ 120,000 on January 2, 2017. Its estimated P useful life is 8 years. Prepare the journal entry to record amortization expense for the first year. Good luck