final answer(s) are accurate to the nearest whole number. Net income $ Question 4 [10 points] Velor Inc. wants to prepare interim financial statements for the first quarter of 2015 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 35%. The following information for the year's first quarter is available from its records: January 1, beginning inventory 380,000 Purchases Purchase returns Transportation in Sales: Sales returns 460,000 3,800 18,500 642,000 6,300 Fill in the following schedule using the gross profit method to estimate the company's March 31 ending inventory: Please make sure your final answer(s) are accurate to the nearest whole Goods available for sale Net sales Estimated cost of goods sold, Estimated March ending inventory Question 5 [15 points] XYZ Corporation purchased $60,000 of Courtland Corp. 7% bonds at a price of 103.5 on January 1, 2014. The bonds mature on December 31, 2016. XYZ Corporation uses the straig amortizing any premium or discount on investments in bonds. At December 31, 2014 and 2015, the market value of the bonds is quoted at 103 and 104, respectively. Interest is paid December 31. XYZ Corporation follows ASPE and management accounts for this investment at amortized cost. Show the entry to record the purchase of the bonds, the entry to be made on December 31, 2014, and the entry to be made on December 31, 2015. Enter an appropriate description transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Date Account/Explanation Page G8 PR Debit Credit 2 @ 80 F3 a F4 # #3 $ 4 % 85 MacBook Air ^ 6 0 DII F6 F7 FB &7 8 80* F9 FID 61 9 0 a