Required information RWP6-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking, rain, fishing, or eyen diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $499 each. July 17 Purchased 49 watches for $7,301 ( $149 per watch) on account. July 31 August 12.ld 39 watches for $19,461 cash. Purchased 39 watches for $6,201 ( $159 per watch) cash. August 22 Sold 29 watches for $14,471 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $15,600 for watches sold on account on August 22. October 27 Purchased 79 watches for $13,351 ( $169 per watch) cash. November 20 Sold 89 watches for $44,411 cash. December 4 purchased 118 watches for $21,122 (\$179 per watch) on account. December 8 Sold 39 watches for $19,461 on account. ivovetwer 0 sulu oy walcaes 101 \$44,411 Casi,. December4December8Purchased118watchesfor$21,122Sold39watchesfor$19,461onaccount. 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31 , the estimated net realizable value of MU watches is only $99 per watch. a. Record any necessary adjusting entry on December 31, 2025, related to this information. b. For what amount would MU inventory be reported in the December 31,2025 , balance sheet? c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry on December 31, 2025, related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Complete this question by entering your answers in the tabs below. For what amount would MU inventory be reported in the December 31,2025 , balance sheet? For what amount would MU inventory bo rocember 31,2025 , related to this information. Prepare an updated gross profit section of a partial in the December 31,2025 , balance sheet? Complete this question by entering your answers in the tabs below. Prepare an updated gross profit section of a partial income statement accounting for this additional information