Merchadise costing $6,000 was received and recorded as an inventory on January 8, 2021. The invoice revealed that the merchandise was shipped from the supplier on December 28, 2020, FOB shipping point. The merchandise was not included in 2020 ending inventory count. Prepare any necessary adjusting entry for December 31, 2020. If no entry is required explain why. (2 marks) Situation 4 On May 1, 2020 ABC Company purchased a computer system for $150,000 that is expected to be used for the next 5 years with a residual value of $10,000. The computer systems economic life is 6 years with a salvage value of zero. Prepare the December 31, 2020 adjusting entry to record depreciation expense using the double declining balance method. ABC uses IFRS. (2 marks) Situation 5 ABC Company purchased 1,000 common shares, representing 30% ownership of XYZ Company for $240,000 on July 1, 2020 with the intent to exert significant influence over XYZ. On December 31, 2020 XYZ's shares were trading on the Toronto Stock Exchange for $27 each. XYZ reported net income for the year ended December 31, 2020 of $80,000. Prepare any necessary adjusting entries for December 31, 2020 related to the investment in XYZ