H $0.00 56.000 Pl. Res Corp. last most of its inventory in a fire in December, Just before the year and physical Inventory was take. The corporation booke dindend die following Beginning inventory 8440.000 Sales 3.000 Purchases for the year 350.000 Sales retums Purchase retur Gross merginos ON Merchandise with a selling price obdamaged after the fire. Dumaped merchandise with an original ling price of 850,000 instructions . a. Calculate the amount lost because of the fire, assuming that the corporation had no insurance coverage 30 b. Prepare the journal entry to record the loss and account for the damaged Inventory in a separate Damaged Inventory account. In the entry, record cost of goods sold for a year ended December 31 11 12 H) 14