Problem 9-07 On Apr 15, 2021. Tre damaged the office and warehouse of Sage Corporation. The only accounting record saved was the general ledger, from which the balance sheet dat below was real SAGE CORPORATION MARCH 31, 2021 Cash St 500 Accounts receivable 36,750 Inventory, December 31, 2020 73,410 Land 32,230 Buildings 120,360 Accumulated depreciation 141,503 Equipment 3,318 Accounts payable 21,302 Other accrued expenses 21 295 Common stock 93,400 Retained earnings 54,010 Sales revenue 133,030 Purchases 54,010 Miscellaneous expense 26.460 5.365.038 53650 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 totale 112, 110: 5,893 paid to accounts payable as of March 1, 2 for merchandise shipments, and 54,149 paid for other expenses. Depois during the same period amounted to $12.903. wech consisted of receipts an account from customers with the exception of a 1975 refund from a vendor for merchandise returned in Apr 2 Correspondence with cliers weed un recorded obligations at April 15 of $15,328 for Apne merchandise shipments, including 12.442 for shipments in transit (rob cestination on that dete 4 Customers acknowledged indebtedness of $47.120 at Art 15, 2021. It was estimated that customer owed another $7.910 that will cover be achonladped or recovered or te stwieded indebtedness. $626 wat probably be uncollectible The companies insuring the inventory agreed that the corporation's fir-los cam should be based on the assumption that the overall preus pret rate the year wat in during the current The corporation's edited Financial statements disclosed this information Year Ended December 31 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 toled $12,1901 5,093 paid to accounts payable as of March 2014 April merchandise shipments, and 54.149 paid for other expenses. Deposits during the same period amounted to $12,003, which consisted of receipts on account from customers with the con 975 eur from a vender for merchandise returned in April 3. Correspondence with suppliers revealed unrecorded obligations at Aon 15 of $15,126 for April merchandise shipments, including 52,442 for shiaments in tratto destination that date 4 Customers acknowledged debtedness of 147,130 at April 15, 2021 It was a estimated that customers and another $7.910 that will never be acknowledged or record of ineacowledged indebtedness, 5626 will probably be uncollectie 5. The companies insuring the inventory agreed that the corporation's fire loss claim should be based on the motion that the overal gross profit rate for the past years was in diect during the current year The corporations audited financial statements discosed this information Year Ended December 31 2020 2019 Net sales 5495,690 $427,630 Net purchases 299,340 254.900 Beginning inventory 53.400 Ending inventory 73,410 53.400 5.200 Inventory with a cost of $6,500 was salvaged and sold for 13,420 The balance of the inventory as a total oss Compute the amount of inventory fine loss. (Round ratios for computational purposes to 2 decimal places, eg 78.524 and final answer to declinale, e ) Inventory fee loss Problem 9-07 On Apr 15, 2021. Tre damaged the office and warehouse of Sage Corporation. The only accounting record saved was the general ledger, from which the balance sheet dat below was real SAGE CORPORATION MARCH 31, 2021 Cash St 500 Accounts receivable 36,750 Inventory, December 31, 2020 73,410 Land 32,230 Buildings 120,360 Accumulated depreciation 141,503 Equipment 3,318 Accounts payable 21,302 Other accrued expenses 21 295 Common stock 93,400 Retained earnings 54,010 Sales revenue 133,030 Purchases 54,010 Miscellaneous expense 26.460 5.365.038 53650 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 totale 112, 110: 5,893 paid to accounts payable as of March 1, 2 for merchandise shipments, and 54,149 paid for other expenses. Depois during the same period amounted to $12.903. wech consisted of receipts an account from customers with the exception of a 1975 refund from a vendor for merchandise returned in Apr 2 Correspondence with cliers weed un recorded obligations at April 15 of $15,328 for Apne merchandise shipments, including 12.442 for shipments in transit (rob cestination on that dete 4 Customers acknowledged indebtedness of $47.120 at Art 15, 2021. It was estimated that customer owed another $7.910 that will cover be achonladped or recovered or te stwieded indebtedness. $626 wat probably be uncollectible The companies insuring the inventory agreed that the corporation's fir-los cam should be based on the assumption that the overall preus pret rate the year wat in during the current The corporation's edited Financial statements disclosed this information Year Ended December 31 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 toled $12,1901 5,093 paid to accounts payable as of March 2014 April merchandise shipments, and 54.149 paid for other expenses. Deposits during the same period amounted to $12,003, which consisted of receipts on account from customers with the con 975 eur from a vender for merchandise returned in April 3. Correspondence with suppliers revealed unrecorded obligations at Aon 15 of $15,126 for April merchandise shipments, including 52,442 for shiaments in tratto destination that date 4 Customers acknowledged debtedness of 147,130 at April 15, 2021 It was a estimated that customers and another $7.910 that will never be acknowledged or record of ineacowledged indebtedness, 5626 will probably be uncollectie 5. The companies insuring the inventory agreed that the corporation's fire loss claim should be based on the motion that the overal gross profit rate for the past years was in diect during the current year The corporations audited financial statements discosed this information Year Ended December 31 2020 2019 Net sales 5495,690 $427,630 Net purchases 299,340 254.900 Beginning inventory 53.400 Ending inventory 73,410 53.400 5.200 Inventory with a cost of $6,500 was salvaged and sold for 13,420 The balance of the inventory as a total oss Compute the amount of inventory fine loss. (Round ratios for computational purposes to 2 decimal places, eg 78.524 and final answer to declinale, e ) Inventory fee loss