Write the journal entries

1.BBE bought inventory on January 1, 2020. The purchase was financed through an interest-free vendor take-back loan, with a promise to repay $200,000 in two years. Thomas recorded the loan on the balance sheet at $200,000. Assume that at December 31, 2020, all of the inventory is still held. As at December 31, 2020, the inventory's net realizable value was $100,000.

2.On June 30, 2020, an employee launched a wrongful dismissal suit against BBE for $150,000. BBE's lawyers have indicated that they expect a payment of $100,000 to $120,000, but the lawsuit is still in court proceedings. It is probable that BBE will owe some amount to the employee Thomas didn't recognize any amount for this because he believes that BBE will be able to successfully defend the suit.

3.BBE has an intangible asset on its balance sheet (a website) with a remaining useful life of 6 years. Its book value is currently $150,000. As customers have started to use the mobile application instead, fewer and fewer sales are occurring through the website. Management is considering a change to the website's use and believes an impairment test should be performed. The website's estimated future net cash inflows for the next 6 years are $30,000 annually. The fair value is currently $125,000 (there would be no selling costs).