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What would be the journal entry for the write-downs

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Question - Due to increased competition, assume a wine producer has to write down its premium red wines by $40 million. In a stock count it also finds many cases of white wine (valued at $3 million) which are past their use-by date and needs to destroy this wine.

Required -

1. What would be the journal entry for the write-downs?

2. Why would a write-down in inventory lead to a possible decline in share price?

Reference no: EM133146685

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