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dule Account 4 Required information Great Adventures Problem AP6-1 The following information applies to the questions displayed below) 2012 . Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $509 each Jul. 17 Purchased 59 watches for $9,381 (5159 per watch) on account. Bul. 1 Sold 49 watches for $24,941 cash. Aug. 12 Purchased 49 watches for $5,281 ($169 per watch) cash. Aug. 22 Sold 39 watches for $19,851 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $14,400 for watches sold on account on August 22. Oct. 27 Purchased 89 watches for $15,931 (5179 per watch) cash. Nov. 20 Sold 99 watches for 550, 391 cash. Dec. 4. Purchased 118 watches for $22,382 ($189 per witch) on account Dec. Sold 49 watches for $24,941 on account. Great Adventures Problem AP6-1 Part 2 2. Late in December the next generation of multiuse (MUI) watches is released. In addition to all of the features of the MU watch the MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced As of December 31, the estimated net realizable value of MU watches is only $109 per watch. a. Record any necessary adjustment on December 31, 2022 related to this information (If no entry is required for a ww Type here to search o O IT N 65F 4 Sepci Oct. 37 Purchased 89 watches for $15,931 (5179 per watch) cash. Nov. 20 Sold 99 watches for $50,191 cash Det Purchased 11 watches for $22,302 (5189 per watch) on account Dec. Sold 49 watches for $24,941 on account. Part 2 Great Adventures Problem AP6-1 Part 2 2.85 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet The demand for the original MU watches is greatly reduced As of December 31, the estimated net realizable value of MU watches is only $109 per watch a. Record any necessary adjustment on December 31, 2022 related to this information (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Beli View transaction ist View journal entry worksheet No Date General Journal Credit Debit 6,320 1 Dec 31, 2022 Cost of Goods Sold Inventory 6,320 w ype here to search O O TI L S n Required information 4 Part 2 of 2 b. For what amount would MU inventory be reported in the December 31, 2022. balance sheet? $ 285 3,615 DO c. Prepare an updated gross profit section of a partial income statement accounting for this additional information GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2022 Sales Revenue $ 120,124 Cost of Goods Sold Gross Profe Mc Graw Hill of 7 Next > Type here to search O s 65F