Reference no: EM133035938
Question - Indicate whether the statement is true or false. (Topics: Insurance Contract, Build Operate Transfer, PFRS 15)
1. PFRS 17 applies to reinsurance contracts held by an insurer.
2. PFRS 17 applies to reinsurance contracts held by an insured.
3. In an insurance contract, the policy holder transfers significant market risk to the insurer to compensate.
4. An insignificant insurance risk transferred in a contract is not an insurance contract.
A fire occurred at the factory of Bernardo Company on February 16, 2020 which damaged its merchandise inventory. You were given the following information: Inventory, January 1, 2010 $400,000, Sales (including sales delivered still in transit FOB shipping point, $50,000) $980,000, Purchases (including those still in transit, Shipped FOB shipping point $40,000, Shipped FOB destination, $35,000) $700,000. The merchandise saved from fire was estimated to be $8,500. Bernardo Company's policy is to add 40% on its cost. How much is the estimated value of inventory damaged by fire?
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