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Please help me answer this On April 15, 2021, fire damaged the office and warehouse of Sage Corporation. The only accounting record saved was the

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On April 15, 2021, fire damaged the office and warehouse of Sage Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. SAGE CORPORATION MARCH 31, 2021 Cash $18,500 Accounts receivable 36,750 Inventory, December 31, 2020 73,410 Land 32,230 Buildings 120,360 Accumulated depreciation $41,501 Equipment 3,318 Accounts payable 21,802 Other accrued expenses 21,295 Common stock 93,400 Retained earnings 54,010 Sales revenue 133,030 Purchases 54,010 Miscellaneous expense 26,460 $365,038 9365,038 The following data and information have been gathered. 1. The fiscal year of the corporation ends on December 31. 2. An examination of the April bank statement and canceled checks revealed that checks written during the period April 1-15 totaled $12,190: $5,893 paid to accounts payable as of March 31, $3,214 for April merchandise shipments, and $4,149 paid for other expenses. Deposits during the same period amounted to $12,983, which consisted of receipts on account from customers with the exception of a $975 refund from a vendor for merchandise returned in April. Correspondence with suppliers revealed unrecorded obligations at April 15 of $15,328 for April merchandise shipments, including $2,442 for shipments in transit (f.o.b. destination) on that date. 4 Customers acknowledged indebtedness of $47,130 at April 15, 2021. It was also estimated that customers owed another $7,910 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $626 will probably be uncollectible. 5. The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financial statements disclosed this information: Year Ended December 31 2020 2019 Net sales $495,690 $422,830 Net purchases 299,340 254,900 Beginning inventory 53,400 65,300 Ending inventory 73,410 53,400 6. Inventory with a cost of $6,500 was salvaged and sold for $3,420. The balance of the inventory was a total loss. Compute the amount of inventory fire loss. (Round ratlos for computational purposes to 2 decimal places, e.g 78.52% and final answer to 0 decimal places, e.g. 28,987.) Inventory fire loss $

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