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Question - You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2019, as prepared following IFRS. You discover the following situations:
1- Physical inventory count on Dec 31, 2017, improperly included merchandise costing $3,800 that had been sold but not delivered until Jan 5, 2018. PC uses periodic inventory system
2- PC purchased another company in Jan 1, 2017 and recorded a goodwill of 500,000. PC accountant assumed the goodwill useful life is 10 years and amortized the goodwill straight line. There was a goodwill impairment in 2019 amount of 50,000.
What are the required Journal entries (if any) to correct PC accounts, assuming each transaction is independent and assume 2019 books are not closed.
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