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ch 8 research case Help Save 1 Research Case 8-11 (Static) FASB codification; locate and extract relevant information and authoritative support for a financial reporting issue; product financing arrangement (LO8-2, 8-3) 10 points sw.oped You were recently hired to work in the controller's office of the Balboa Lumber Company. Your boss, Alfred Eagleton, took you to lunch during your first week and asked a favor "Things have been a little slow lately, and we need to borrow a little cash totide us over. Our Inventory has been building up and the CFO wants to pledge the inventory as collateral for a short-term loan. But I have a better idea. Mr. Eagleton went on to describe his plan. "On July 1, 2021, the first day of the company's third quarter, we will sell $100,000 of inventory to the Harbaugh Corporation for $160,000. Harbaugh will pay us immediately and then we will agree to repurchase the merchandise in two months for $164,000. The $4.000 is Harbough's fee for holding the inventory and for providing financing. I already checked with Harbaugh's controller and he has agreed to the arrangement. Not only will we obtain the financing we need, but the third quarter's before tax profits will be increased by $56,000, the gross profit on the sale less the $4.000 fee. Go research the issue and make sure we would not be violating any specific accounting standards related to product financing arrangements." Required: 1. Access the FASB Accounting Standards Codification at the FAe website (www.fosb.org). Determine the specific eight-digit Codification citation (XXX.XXXXX) that provides guidance for determining whether an arrangement involving the sale of inventory is in substance" a financing arrangement? Print References Tople Subtople Section Paragraph 2. Determine the specific eight-digit Codification citation (XXXXX-XX-X) that addresses the recognition of a product financing arrangement? Topla Subtopic Section Paragraph h 8 research case Saved Help 1 3. What is the appropriate treatment of product financing arrangements like the one proposed by Mr. Eagleton? 0 Points O Record sales revenue at the time the proceeds are received. O Record a liability at the time the proceeds are received. O Remove inventory from the accounting records at the time the proceeds are received. All of the answers above are correct. Skipped ebook 4. Prepare the journal entries for Balboa Lumber to record the sale of the inventory and subsequent repurchase. Complete this question by entering your answers in the tabs below. Print Reg 4A Reg 45 References Prepare the journal entry for Balboa Lumber to record the sale of the inventory. (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 sale (cash receipt). h 8 research case Swed Help 1 Req 4A Reg 48 Prepare the journal entry for Balboa Lumber to record the "sale" of the inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 0 soints View transaction list Skipped Journal entry worksheet > eBook Record the sale (cash receipt). Print Note: Enter debits before credits References Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal RADA Req 48 >