Q-1) North Company keeps its accounts in TL. On September 1, 2020, the company purchased a machinery for 100,000 Swiss Francs (CHF) from a Swiss Company on account, 1 CHF was equal to 11 TL. On December 31, 2020, 1 CHF was equal to 12 TL, and on December 31, 2021, 1 CHF was equal to 8 TL Required: 1a) Make the journal entries of the North Company related to the transactions above. 1b) Now change the PURCHASE PRICE OF THE MACHINERY (in other words, find another purchase price other than 100,000 CHF ON YOUR OWN), and then make the journal entries of the North Company related to the transactions above once again. Q-2) On January 2, 2019, Tyroll Company purchased 1,000 shares of Athena Company for $8,000. On December 31, 2019, the price of one share of Athena Company was $7. On same date, Athena Company declared and paid dividends of $200 to Tyroll Company. On December 31, 2020, the price of one share of Athena Company was $11. Required: 1a) Make the journal entries of Tyroll Company if the company classifies this short-term investment as "Financial assets at fair value through profit or loss". 1b) Make the journal entries of Tyroll Company if the company classifies this short-term investment as "Financial assets at fair value through other comprehensive income". 1c) Now change the price of one share of Athena Company on December 31, 2020 (in other words, find another share price other than $11 ON YOUR OWN), and then make the journal entries of the Tyroll Company related to the transactions above once again, if the company classifies this short-term investment as "Financial assets at fair value through profit or loss". Q-3) Wuhan Company is selling various products and these products are classified under two groups. As of December 31, 2020, the number of these units, unit costs and their respective sales prices are given in the table below. The company uses 'lower of the cost or net realizable value for valuation of inventories. PORCELAIN PRODUCTS Cup Dish Units 300 450 Unit Cost 6.00 9.00 Sales Price 5.50 11.00 GLASS PRODUCTS Cup Dish Units 100 600 Unit Cost 2.20 5.00 Sales Price 3.50 2.00 Required: Calculate the amount of ending inventory to be reported on the balance sheet of Wuhan Company as of December 31, 2020, if the inventories are valued; a) As each type of inventory seperately, b) As each group of inventory seperately, c) As total inventories. Q-4) What is the purpose of recording an "Uncollectible Accounts Expense" based on a percentage of receivables or sales? Briefly explain. Q-5) What is the main purpose of measurement of assets (aslo called valuation or year-end adjustments)? Explain briefly. In your answer, mention the measuremet of assets explained in this course and describe what may happen if a business fails to make those year-end adjustments properly