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Jassal Music Inc. is located in Edmonton, Alberta, and reports its financial information using IFRS. You were recently hired as the company's chief accountant to fill a long- standing vacancy. Your review of the accounting records for the year ended December 31, 20X4, has uncovered the following transactions: 1. Jassal renewed the commercial and business insurance policy in August 20X4 for the year commencing September 1, 20X4. The company recorded the $25,500 payment as a prepaid expense. 2. The company rents instruments to schools and has contracts with customers in the school rental program that run for the full academic year (September to June). Customers pay the yearly fee in advance for the instrument rentals. In September 20X4, the company received $80,000 cash and recorded it as rental income. 3. On January 1, 20X4, Jassal received an $18,000, 0% note receivable from Ryan Tower Inc., in exchange for a delivery vehicle Jassal no longer needed. Ryan Tower is repaying the note in three equal instalments of $6,000, with the first payment due January 1, 20X5. The market rate of interest when the note was received was 5% per annum. The sale of the vehicle was correctly recorded. 4. During the 20X4 fiscal year, Jassal sold a violin that usually retails for $1,650 from its inventory of new instruments. In exchange, Jassal received a computer system that normally sells for its fair value of $1,800. The cost of the violin was $1,500. The transaction has not yet been recorded.Required: Prepare year-end adjusting entries for transactions 1 to 3 and the required entry for transaction 4. QUESTION 2 (2 MARKS) Allegro Music sells musical equipment. A detailed list of Allegro Music's inventory follows: Number of units - Cost per NRV* per Inventory item year end unit Total cost unit Total NRV LCNRV* Chime set $ 750 $ 2,250 $ 790 $ 2,370 Cymbals 70 280 85 340 Drum sets 450 1,350 525 1,575 Flutes 650 3,250 775 3,875 Violins 1,500 4,500 1,650 4,950 Guitars 62 434 45 315 Guitars - acoustic 125 1, 125 132 1,188 Guitars - electric 190 2,280 225 2,700 Keyboards 2,200 8,800 2,100 8,400 Pianos - entry 2,300 6,900 2,500 7,500 Pianos introductory 4,500 22,500 4,900 24,500 Pianos - intermediate 12,000 24,000 14,200 28,400 Pianos - professional A DING NA NOIWAN 22,500 22,500 25,000 25,000 Pianos - upright 5,000 10,000 7,500 15,000 Recorders 7 175 10 250 Saxophones 575 1,725 675 2,025 Triangles 55 275 65 325 Xylophones 245 980 300 1.200 $113,324 $ 129,913 *NRV = net realizable value *LCNRV = lower of cost and net realizable value Required: Complete the schedule above and prepare the year-end adjusting entry to record the inventory at the lower of cost and net realizable value.QUESTION 4 (10 MARKS) Gidget's Development Corp. (GDC) is a publicly reportable enterprise. Its year end is December 31. In 20X5, it entered into a $25 million, long-term contract to construct a small office complex. The company's management has determined that this is a single performance obligation settled over time and has elected to use the cost-to-cost input method to measure progress. Pertinent details of the construction progress follow: (in '000s) 20X5 20X6* 20X7** Costs incurred during the year $ 7,000 $12,000 $ 6,500 Cumulative costs 7,000 19,000 25,500 Estimated costs to complete 13,000 7,000 0 Progress billing during the year 8,500 13,500 3,000 Collections during the year 6,900 12,600 5,500 *The revised cost data was not known before 20X6. **The revised cost data was not known before 20X7. Required: a) Prepare all required summary journal entries for 20X5. b) Prepare all required summary journal entries for 20X6. c) Prepare all required summary journal entries for 20X7. d) Summarize the accounts and amounts (excluding cash) that will be reported on GDC's statement of financial position as at December 31, 20X6, pertaining to this contract. Assume that all accounts payable have been paid.QUESTION 5 (5 MARKS) Luke's Car Corp. (LCC) sells the Exotica 3000, a luxury automobile for $200,000. A five- year "bumper to bumper" (all inclusive) warranty on this vehicle can be purchased for $20,000 by interested parties up to one year after the purchase date of the car. The car and warranty can be purchased as a package at time of sale for $215,000. LCC is a publicly accountable enterprise; its year end is December 31. It recognizes revenue annually on the warranty agreement based on the passage of time. The costs of meeting the warranty obligation are expensed when incurred. On January 1, 20X5, LCC sold five of the car/warranty packages to a wealthy family. The cost of the vehicles sold, which were in inventory, was $842,000. The cost of meeting the warranty during 20X5, which was paid in cash, totalled $7,000. Round percentages to one decimal place - for example, 5.5%. Required: Prepare journal entries pertaining to this transaction for January 1, 20X5, and December 31, 20X5, together with a summary journal entry to record the cost of meeting the warranty obligations in 20X5