Research Case 8-11 (Static) FASB codification; locate and extract relevant information and authoritative support for a financial reporting issue; product financing arrangement [LO8-2, 8-3] You were recently hired to work in the controller's office of the Balboa Lumber Company. Your boss, Alfred Eagleton, took you to lunch during your first week and asked a favor. "Things have been a little slow lately, and we need to borrow a little cash to tide us over. Our inventory has been building up and the CFO wants to pledge the inventory as collateral for a short-term loan. But I have a better idea." Mr. Eagleton went on to describe his plan. "On July 1, 2021, the first day of the company's third quarter, we will sell $100,000 of inventory to the Harbaugh Corporation for $160,000. Harbaugh will pay us immediately and then we will agree to repurchase the merchandise in two months for $164,000. The $4,000 is Harbaugh's fee for holding the inventory and for providing financing. I already checked with Harbaugh's controller and he has agreed to the arrangement. Not only will we obtain the financing we need, but the third quarter's before-tax profits will be increased by $56,000, the gross profit on the sale less the $4,000 fee. Go research the issue and make sure we would not be violating any specific accounting standards related to product financing arrangements." Required: 1. Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that provides guidance for determining whether an arrangement involving the sale of inventory is "in substance" a financing arrangement? Topic Subtopic Section Paragraph