23. CED agrees to deliver 10 units to VEW for $100, which cost them $80 to produce. Consistent with its sales policy, customer has 30 days to return unused product for a full refund. Based on historical estimates, around 5 percent of sales are returned. Which of the following is correct? a) CED can record receivable of $950 when the items are delivered. b) CED can record revenue of $1,000 after 30 days. c) CED records refund liability of $50 when the items are delivered. d) CED records inventory of $950 when the items are delivered. e) CED records inventory of $1,000 when the items are delivered. 24. ABC Inc. is a public entity which applies the Fair Value Model to all of its Investment property. On January 1, Year 1, the company purchased a rental property for $1,200,000. This property was independently appraised at $1,100,000 on December 31, Year 1. The present value of the property's cash flows was $1,150,000 on that date. The year-end adjusting journal entry would include: a) A debit to revaluation loss of $50,000. b) A debit to Revaluation surplus- OCI- Land for $100,000. c) A credit to depreciation expense of $100,000. d) A debit to Revaluation surplus - OCI- Land for $50,000. e) A debit to revaluation loss of $100,000.