Part 2 Question 7 (4 marks) A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following: a) Inventory, January 1: $45,000 b) Purchases: $108,000 c) Sales: $130,000 d) Freight-Out: $4,000 1 The company's gross profit rate was 25% Required Calculate the estimated value of the destroyed inventory BONUS 2 MARKS Prepare the journal entry required, assuming the insurance company pays for the insurance claim