Part 1:

	On November 30, 2016, ABC borrowed $40,000 from American National Bank by issuing an interest-bearing note payable.
	This loan is to be repaid in three months (on February 28, 2017), along with interest computed at an annual rate of 9%.
	The entry made on November 30 to record the borrowing was:
		Dr Cash			40,000
			Cr Notes payable			40,000
	On February 28, 2017 ABC must pay the bank the amount borrowed plus interest.
	Assume the beginning balance for Notes Payable is correct.
	Interest through 12/31/16 must be accrued on the $40,000 note.
Part 2:	ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete
	physical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at
	that time totaled $100,000, which reflects historical cost. Record the adjusting entry for properly recognizing
	2016 Cost of Goods Sold. Hint: This was the first year of operations, so beginning inventory balance is zero.
	Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at a total inventory level.
	A review of inventory data further indicated that the current retail sales value of the ending inventory is $90,000 and estimated costs of
	completion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory
	using the Loss and Allowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for accounting
	for adjustments of inventory to market value.
Part 3:	It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined
	that their intangible asset might be impaired on December 31, 2016. Record the impairment adjustment, if any.
	The expected future undiscounted net cash flows for this intangible asset totals $48,000, and the fair value of the asset is $45,000.
Part 4:	On 7/1/16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury
	stock was $5 per share, or $20,000 in total. The effects of this transaction are already shown in the unadjusted trial balance. On 12/31/16,
	ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the journal entry required for the reissuance of the treasury stock.
	To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a separate
	Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Accounting textbook
	or Chapter 18 of your Intermediate Accounting textbook for a review.)

(Included description of each journal entry)