7 Part 2 of 2 Required information The following information applies to the questions displayed below) Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $500 each. 14.32 points Book Pem Jul. 17 Purchased 50 watches for $7,500 $150 per match) on account. Jul. 31 Sold 40 watches for $20,000 cash Aug. 12 Purchased 40 watches for $6,400 ($160 per watch) cash. g. 22 Sold 30 watches for $15,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $9,000 for watches sold on account on August 22. Oct. 27 Purchased 80 vatebea for $13,600 ($170 por watch) cash. Nov. 20 Bold 90 watches for $45,000 cash Dec. 4 Purchased 100 watches for $18,000 5110 per watch on account. Dec. Sold 40 watches for $20,000 on account. References 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch. a. Record any necessary adjustment on December 31, 2022 related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transactions View journal entry worksheet No Date General Journal Credit Debit 7.200 2 1 Dec 31, 2022 Cost of Goods Sold Invento 7,200 7 Required information Part 2012 1432 points eBook b. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? Print MU Inventory $ 9,000 References c. Prepare an updated gross profit section of a partial income statement accounting for this additional information GREAT ADVENTURES, INC. Partial income Statement For the Year Ended December 31, 2022 Sales Revenue $ 100,000 Cost of Goods Sold 38,421 Gross Profit $ 61,579