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18 Part 2 of 2 6.52 points Great Adventures Problem AP6-1 [The following information applies to the questions displayed below) Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterprool, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $508 each. Jul. 17 Purchased 58 watches for $9,164 ($158 per vatch) on account. Jul. 31 Sold 48 watches for $24,384 cash. Aug. 12 Purchased 48 watches for $8,064 (5168 per vateh) cash. Aug. 22 Sold 38 watches for $19,304 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 leceive cash of $13,800 for watches sold on account on August 22. Det. 27 Purchased 88 watches for $15,664 $178 per watch) cash. Nov. 20 fold 98 watches for $49,784 cash Dec. 4 Purchased 116 watches for $21,808 ($10 per watch) on account. Dec. Sold 48 watches for $24,384 on account. Skipood Book Print References Great Adventures Problem AP6-1 Part 2 2. Late in December, the next generation of multiuse (MUI) watches is released. In addition to all of the features of the MU watch, the MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31. the estimated net realizable value of MU watches is only $108 per watch a. Record any necessary adjustment on December 31, 2022 related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lit Journal entry worksheet Record the adjustment for inventory Note: Enter debits before credits General Journal Debit Credit Date Dec. 31, 2022 eferences b. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? MU Inventory 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