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168.16 (L0 4) (Gross Profit Method) Wallace Compuny lost most of its imventory in a fire in Decem. ber just before the year-end physical inventory was taken. The corporation's books dinclosed the following Merchandise with a selling price of $21,000 remained undamuged afier the fire. Damaped merchanitise with an original selling price of $15,000 bad a net realizable value of $5,300. Instructions Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance concrage