Tiger Inc., acquired a truck on October 1, Question 1 2014 at a total cost of $68,000. The estimated useful life of the truck was 8 years with an estimated residual value of S1,500 The company uses double-declining balance method. On December 31, 2016, the truck was sold for $35,600 cash. Required a. Compute the book value of the truck at the time of disposal b. Compute the gain or loss on disposal of the truck c. Prepare journal entry to record the disposal of the truck Question 2 and LIFO method. As of December 31, 2018, the inventory subsidiary ledger shows the following ending inventory for a particular product Lion Inc., uses perpetual nventory system Purchase date Unit Unit cost June 3 August 14 178 S1.7 December 5 45 $1.8 234 $1.5 A year-end ending inventory at December 31, 2018, however, 421 units on hand. In its financial statements, Lion Inc. values its inventories at lower-of-cost-or market (LCM As of December 31, 2018, replacement cost of per unit of the product is S1.55 Required: Prepare the journal entries to record shrinkage loss and apply LCM rule in order to adjust the inventory records at December 31, 2018 (use $67 as level of materiality)