Hello, i have 3 accounting questions need you help. The questions are in the attach file.

1 On December 31, 20x0, the Glass Corporation sold inventory to Broke Inc. on the following terms: the full value of the inventory of $300,000 is payable on December 31, 20x3 and interest of 3% on the face value of the note ($300,000) is payable each December 31. Glass's incremental borrowing rate is 5% and Broke's incremental borrowing rate is 9%. a) b) c) Prepare all journal entries relating to the above transaction for the length of the note assuming that Glass is: i. a publicly accountable entity, and ii. a private company following ASPE who wants to keep accounting for these types of transactions as simple as possible Repeat Part (a) on the assumption that the terms are as follows: Broke is to pay Glass equal annual payments of principal and interest at an interest rate of 3% over 4 years starting December 31, 20x1. Assume now that neither company's incremental borrowing rate is known but we know that the cash price of the equipment is $250,000. The terms are as follows: 0% interest for 3 years and the full $300,000 is payable on December 31, 20x3. Assuming that Glass is a publicly accountable entity, prepare all journal entries for the length of the note. 2 2. The following inventory transactions took place for JuJu Corporation for the month of May: Date Event May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Beginning Inventory Purchase Purchase Sale Sale Purchase Purchase Sale Quantity Cost/Selling Price 1,000 6,000 2,000 3,000 2,000 5,000 2,000 7,000 $3.55 3.10 3.75 6.00 6.00 3.45 3.75 6.00 Calculate the ending inventory balance for Juju Corporation, assuming the company uses: a) Periodic FIFO b) Perpetual FIFO c) Periodic Weighted Average d) Perpetual Moving Weighted Average (use 4 decimals when computing unit costs) Show detailed computations in each case (i.e. for part (b) it is not enough to simply say that the result would be the same as in part (a)). 3. DR Corp. is preparing the financial statements at its fiscal year end, January 31, 20x8. The following information is available: At Cost At Retail $ Inventory, February 1, $ 47,000 83,400 Markdowns 20x7 ............................................. ...................... ... Markups .................................................. 71,000 ... Markdown 22,000 cancellations ............................ Markup 9,000 cancellations ................................. Purchases ................................................ 241,200 294,300 ... Sales ........................................................ 329,000 Purchases...returns and 5,150 6,700 allowances.............. Sales returns and 9,000 allowances ..................... Calculate the ending inventory at cost at January 31, 20x8, using the retail method that approximates lower of average cost and market. Your solution should be in good form with amounts clearly labelled. Carry the cost ratio to two decimals, e.g., 12.34%. QUESTION TWO Total inventory units = Beginning inventory + Purchases Total inventory units = 1,000 + 6,000 + 2,000 + 5,000 + 2,000 = 16,000 units Total sales in units = 3,000 + 2,000 +7,000 = 12,000 units Ending inventory in units = 16,000 - 12,000 = 4,000 units Total inventory cost = Beginning inventory + Purchases Total inventory cost = (1,000 x 3.55) + (6,000 x 3.10) + (2,000 x 3.75) + (5,000 x 3.45) + (2,000 x 3.75) = $54,400 a) Cost of goods available for sale = $54,400 Cost of sales = (1,000 x 3.55) + (6,000 x 3.10) + (2,000 x 3.75) + (3,000 x 3.45) = $40,000 Cost of ending inventory = 54,400 - 40,000 = $14,400 b) Ending value of inventory (Starting from end of the month) = (2,000 x 3.75) + (2,000 x 3.45) = $14,400 c) Cost per unit = 54,400/16,000 = $3.40 per unit Ending inventory = 4,000 x $3.40 = $13,600 d) Units on hand Beginning inventory Purchase (6,000 @ 3.10) Purchase (2,000 @ 3.75) Sale (3,000 @ 6.00) Sale (2,000 @ 6.00) Purchase Purchases Cost of sales 1,000 Inventory total cost 3,550 Inventory moving average unit cost 3.55 7,000 18,600 22,150 3.1643 9,000 7,500 29,650 3.2944 6,000 9,883.20 19,766.80 3.2944 4,000 12,000 6,588.80 3.2944 23,838.80 2.6488 9,000 17,250 (5,000 @ 3.45) Purchase 11,000 7,500 (2,000 @ 3.75) Sale (7,000 4,000 @ 6.00) Cost of ending inventory = $11,395.80 19,943 31,338.80 2.8490 11,395.80 2.8490 QUESTION THREE Retail Method Goods available for sale = Beginning inventory + Purchases - Purchases returns and allowances Goods available for sale (Cost) = 83,400 + 241,200 - 5,150 = $319,450 Goods available for sale (Retail) = Beginning inventory + Purchases - Purchases returns and allowances + Mark ups - Mark ups cancelled Goods available for sale (Retail) = 103,400 + 294,300 +71,000 - 9,000 - 6,700 Goods available for sale = $453,000 Cost to retail percentage = 319,450/453,000 = 70.52% Total ending inventory value at retail = Inventory at retail - Sales, net - markdowns, net Ending value at retail = 453,000 - (329,000 - 9,000) - (47,000 - 22,000) = $46,000 Ending value at cost = Ending value at retail x cost-retail-ratio = Ending value at cost = 46,000 x 70.52% = $32,439