3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Quantity Unit Cost When Replacement Cost Item on Hand Acquired (market) at year end A 100 $30 $20 B 80 25 35 55 58 D 75 40 35 28 a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies) b. Sold 15 units of Item A at $25 each and written-off 5 units of Item D. Make necessary journal entries. 1 4. Improvements were made to the leased building on 01.May.2019 at a cost of $ 500,000. The estimated life of the improvement is 20 years. Lease contract terminates on 31.12.2035. Make necessary entries as of 01.05.2019, 31.12.2019 and 31.12.2020