Question (1): Record these business transactions in the journal Entry 1. On May 18, Mercato purchased on account equipment costing $450. The transaction was journalized and posted as a debit to Equipment $45 and a credit to Accounts Payable $45. The error was discovered on June 3. 2. Trading securities purchased for $400,000, had a fair value of S410,000 at the end of the year. Record this transaction in journal entry 3. Trading securities purchased in 2012 for S90,000, had a fair value of $92,000 on December 31, 2012. At December 31, 2013 the securities had a fair value of $95.000. Record this transaction in journal entry on December 31, 2013. 4. Boston Company sells twenty items for $1,000 per unit, and has a cost of goods sold percentage of 70%. How much the gross profit to be reported for selling 20 items? Question (2): Given the following data, what is Cost of Goods Sold as determined by the FIFO method? Date 1/1 Beginning inventory 30 units at $10 per uni 2/25 5/20 Purchase of inventorv25 units at $12 per uni 8/15 Purchase of inventory20 units at S14 per uni 10/17 Purchase of inventory25 units at $16 per uni 12/31 Ending invento Item Unit hase of inventory15 units at $11 per uni 65 units