Required information [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 even diving up to 100 feet won't damage them. Suzie decides to have MO 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 2022 All watches are sold for $500 each Bul. 17 purchased a watches for $7,500 ($150 per watch) on account. Jul 31 Sold 40 watches for $20,000 cash. Aug. 12 Purchased 40 watches for 36,400 (3110 per watch) cas. Aug 22 Sold watches for $15,000 on account. Sep. 19 Pald for watches purchased on July 17. Sep 27 Receive cash of $9.00 for watches sold on account Act 22 Oct. 29 Purchased 30 watches for $13.60 (5170 per watch) cash 20 Sold 90 watches for 545,00 cash. 4 Purchased 100 watches for $1.000 (100 per watch) on account Deck Sold 40 watches for $20.000 on account Dec 2 Latein December the next generation of multiuse (MUI) watches is released. In addition to all of the features of the MU watch the MU I 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 or MU watches is only $100 per watch Record any necessary adjustment on December 31, 2022 related to this information Of no entry is required for transaction/event, select "No Journal Entry Required in the first account field.) View transactions 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 Mull 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 $100 per watch a. Record any necessary adjustment on December 31, 2022 related to this information (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet