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Question \#2 On December 19, 2022, a major flood destroyed the merchandise inventory of the Solid Glass Door Company. In a waterproof secure safe were the company's records with the following information: Solid Glass Door Comnanv Note: The Company's 12 month fiscal year ends December 31st. Through correspondence with suppliers, customers, the bank, etc. the following additional information has also been collected: a. Correspondence with suppliers revealed unrecorded obligations at December 19th of $120,734. These unrecorded liabilities pertained to shipments in October totaling $58,365, shipments in November of $50,635, and $10,000 for shipments still in transit on December 19th shipped FOB Destination, and also $1,734 for shipments still in transit FOB shipping Point. b. Customers of the company have acknowledged indebtedness of $94,950 as of December 19th. Based on no responses from several other customers, the company estimated that customers, who have not responded, owe approximately $12,650. Finally, based on past experience, it is estimated that 2.25% of accounts receivable will be uncollectible. Additional Information Continues on the Next Page c. Bank statements and the canceled checks enclosed with the statements for October, November and through December 19th, retraled the fnllowince. supplier lost the claim submitted by Solid Glass Door Company. d. The insurance company is proposing a settlement of the company's claim based on the overall gross profit for the most recent two fiscal years. Scheduled below is information obtained from prior financial statements covering 2021 and 2020 : 1. Prepare a schedule to determine the amount of inventory loss from the flood. 2. Do you feel the insurance company's approach is fair? Explain in detail with supporting calculations. Question \#2 On December 19, 2022, a major flood destroyed the merchandise inventory of the Solid Glass Door Company. In a waterproof secure safe were the company's records with the following information: Solid Glass Door Comnanv Note: The Company's 12 month fiscal year ends December 31st. Through correspondence with suppliers, customers, the bank, etc. the following additional information has also been collected: a. Correspondence with suppliers revealed unrecorded obligations at December 19th of $120,734. These unrecorded liabilities pertained to shipments in October totaling $58,365, shipments in November of $50,635, and $10,000 for shipments still in transit on December 19th shipped FOB Destination, and also $1,734 for shipments still in transit FOB shipping Point. b. Customers of the company have acknowledged indebtedness of $94,950 as of December 19th. Based on no responses from several other customers, the company estimated that customers, who have not responded, owe approximately $12,650. Finally, based on past experience, it is estimated that 2.25% of accounts receivable will be uncollectible. Additional Information Continues on the Next Page c. Bank statements and the canceled checks enclosed with the statements for October, November and through December 19th, retraled the fnllowince. supplier lost the claim submitted by Solid Glass Door Company. d. The insurance company is proposing a settlement of the company's claim based on the overall gross profit for the most recent two fiscal years. Scheduled below is information obtained from prior financial statements covering 2021 and 2020 : 1. Prepare a schedule to determine the amount of inventory loss from the flood. 2. Do you feel the insurance company's approach is fair? Explain in detail with supporting calculations