Inventory must be reported at lower-of-cost-or-market for both U.S. GAAP and IFRS. U.S. GAAP defines market value as replacement cost subject to a ceiling of net realizable value (NRV) and a floor of NRV less normal profit margin. IFRS defines market value as always equal to NRV without a floor or ceiling. In addition, under IFRS if an inventory write-down from a prior period is no longer appropriate, then the write-down should be reversed. In the current year a $240 inventory write-down that was written-off to cost of goods sold the previous year should be reversed.

Other accrued expenses is a current liability.

E. Under U.S. GAAP a checking account with a negative balance due to overdrafts is listed as a liability, even if the entity has other checking accounts with positive balances. For this entity one checking account has a negative balance of $30 and is listed as Other accrued expenses in the current liability section. Another checking account has a positive balance of $150, which is already included in cash and equivalents under U.S. GAAP. Under IFRS bank overdrafts can be offset against other cash accounts when overdrafts are payable on demand and fluctuate between positive and negative amounts as part of the normal cash management program, which is the case for this entity.

what should be the journal entry for this?