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Sherman Inc. uses the calendar year as its reporting period. During Year 1, the company completed numerous property, plant and equipment transactions. In particular, Sherman incurred long-term debt to build a new warehouse storage facility at its current location. An unrelated building contractor managed the new warehouse construction project. Sherman has a policy of capitalizing expenditures with a unit cost of at least $1,000 and a useful life greater than one year. The company prorates depreciation expense in the year of acquisition based on the date of purchase. Use the spreadsheet below to calculate the amount the company should capitalize for each of the listed property, plant and equipment assets, which were purchased or constructed by Sherman during Year 1. Enter your answer in the appropriate shaded cells below. Note: To use a formula in the spreadsheet, it must be preceded by an equal sign (e.g., =B1+B2). Any negative numbers should be entered with a leading minus (-) sign. A company purchases inventory during the year in 4 batches, with unit and price amounts shown below: Batch # 1 2 Units 9,500 4,300 Price per Unit $2.10 $2.08 3 4 3,600 7,200 $2.04 $2.01 10,800 units were sold after Batch 2 was purchased, while 3,400 units were sold after Batch 3 was purchased. Assume that the Lambert accounting staff has already made all necessary adjusting entries at December 31, Year 1, with the exception of the adjustment to record the current-year's bad debt expense. Use the information in the Information tab and the values you calculated in the Allowance Calculation task to prepare the journal entry that records the bad debt expense for Year 1, if any. To enter an account, double-click the appropriate shaded area and choose the account title from the list provided. Insert the correct debit and credit values in the appropriate shaded cells in the form. Some shaded areas may not be used and certain accounts may be used more than once. Richards Inc., a U.S. company following GAAP, pays a vendor cash of $16,050 at the beginning of the year for goods that Richards will ultimately include in its inventory. In addition, Richards associates the following costs with the purchase: Freight in Freight out Normal spoilage Abnormal spoilage Marketing costs $500 150 300 450 100 At the end of the year, Richards is valuing the inventory in current dollars in order to prepare its financial statements. As of year-end, the inventory would have a net selling price of $17,100 with costs to complete and sell of $600. The same inventory on that date would cost Richards $16,250. Richards assumes a normal profit margin of 10% on all sales. 1. Prepare the journal entry for the inventory acquisition. 2. Determine the lower of cost or market value for the inventory 3. Prepare the year-end journal entry for the inventory. 4. If Richards used IFRS, determine the lower of cost or net realizable value for the inventory. 5. Prepare the year-end journal entry for the inventory under IFRS