Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for busi expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping te 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 have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales watches during the second half of 2022. All watches are sold for $502 each. Jul. 17 Purchased 52 watches for $7,904 ($152 per watch) on account. Jul. 31 Sold 42 watches for $21,084 cash. Aug. 12 Purchased 42 watches for $6,804 ($162 per watch) cash. Aug. 22 Sold 32 watches for $16,064 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $10,200 for watches sold on account on August 22. Oct. 27 Purchased 82 watches for $14,104 ($172 per watch) cash. Nov. 20 Sold 92 watches for $46,184 cash. Dec. 4 Purchased 104 watches for $18,928 ($182 per watch) on account. Dec. 8 Sold 42 watches for $21,084 on account. 2. Late in December, the next generation of multiuse (MUI) watches is released. In addition to all of the MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and video Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizarea watches is only $102 per watch. . Record any necessary adjustment on December 31, 2022 related to this information. (If no entry is required for transaction event, select "No Journal Entry Required in the first account field.) Answer is complete but not entirely correct. General Journal Credit Debit 4,720 Dec 31, 2022 Cost of Goods Sold Inventory 4,720 3 b. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? Answer is complete but not entirely correct. MU Inventory S 9,384 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 Gross Profit