Reference no: EM132692040
Question - The financial statements of MOCHI CORP., for the year ended December 31, 2020, is under review by the executives.
The net asset for the year is shown as $3,500,000. Since December 31, 2020 the following events have occurred, but have not been reflected in the financial statements to date:
A substantial quantity of slow-moving inventory was sold for $320,000. The inventory had cost of $600,000 and had been valued for the accounts at December 31, 2020 at its estimated net realizable value of $400,000
A trade receivable paid the amount owing of $130,000 in full. At December 31, 2020 there were doubts as to whether it would be paid, and a specific provision for the full amount had been made in the accounts.
Required - What is the adjusted amount of net asset should MOCHI CORP. report in its December 31, 2020 statement of financial position?
a) $3,550,000
b) $3,420,000
c) $3,630,000
d) $3,500,000
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