Explain the appropriate accounting treatment for each of the above items in the financial statements for the 2022 fiscal year. The company was subject to an income tax rate of 22% in 2022 and is expected to be subject to an income tax rate of 24% in 2023 . ( 20 points) A) On January 29th,2023, Whispy Industries was informed by the Consumer Products Safety Commission (CPSC) that its portable air fryers were defective. The company was ordered to immediately recall the 35,000 units sold in 2022 and the 4,000 units manufactured and sold in 2023 . The company was ordered to provide customers with a new air fryer that meets safety standards or refund the $150 purchase price. The estimated cost of revising the manufacturing process to prevent the defect was $300,000. This was the first time the company was subject to a product recall by the CPSC. B) Slippy Computer Equipment Inc., discontinued production of the company's only computer chip, the SP89X. This action was taken after a competitor introduced a new chip which rendered the SP89X obsolete. However, computer chip production will resume when the SP93F chip is available for production and distribution. The book value of the equipment rendered worthless by this decision is $200,000. The company incurred operating losses of $800,000 after the discontinuance and an operating income of $1,430,000 prior to making this decision. This was the first time in the company's twenty year history that a loss of this type was incurred. C) On September 23, Citrus Industries Inc., lost 60 acres of strawberries when Hurricane Zelda came ashore in Florida. The company lost $720,000 in berries which were stored in the warehouse which was demolished by the winds associated with Zelda. The company estimated it to would cost $15,000,000 to restore operations to prestorm levels. The company incurred an operating loss of $885,000 from September 23to until December 31st,2022. This was the first time a hurricane named Zelda landed in Florida. Explain the appropriate accounting treatment for each of the above items in the financial statements for the 2022 fiscal year. The company was subject to an income tax rate of 22% in 2022 and is expected to be subject to an income tax rate of 24% in 2023 . ( 20 points) A) On January 29th,2023, Whispy Industries was informed by the Consumer Products Safety Commission (CPSC) that its portable air fryers were defective. The company was ordered to immediately recall the 35,000 units sold in 2022 and the 4,000 units manufactured and sold in 2023 . The company was ordered to provide customers with a new air fryer that meets safety standards or refund the $150 purchase price. The estimated cost of revising the manufacturing process to prevent the defect was $300,000. This was the first time the company was subject to a product recall by the CPSC. B) Slippy Computer Equipment Inc., discontinued production of the company's only computer chip, the SP89X. This action was taken after a competitor introduced a new chip which rendered the SP89X obsolete. However, computer chip production will resume when the SP93F chip is available for production and distribution. The book value of the equipment rendered worthless by this decision is $200,000. The company incurred operating losses of $800,000 after the discontinuance and an operating income of $1,430,000 prior to making this decision. This was the first time in the company's twenty year history that a loss of this type was incurred. C) On September 23, Citrus Industries Inc., lost 60 acres of strawberries when Hurricane Zelda came ashore in Florida. The company lost $720,000 in berries which were stored in the warehouse which was demolished by the winds associated with Zelda. The company estimated it to would cost $15,000,000 to restore operations to prestorm levels. The company incurred an operating loss of $885,000 from September 23to until December 31st,2022. This was the first time a hurricane named Zelda landed in Florida