Cabernet Incorporated is a BC- based wine producer. In anticipation of a particularly bounteous grape harvest and
Question:
Cabernet Incorporated is a BC- based wine producer. In anticipation of a particularly bounteous grape harvest and a potential problem in obtaining a sufficient volume of shipping crates, Cabernet entered into a noncancellable agreement with Lumber Products Ltd. to supply 200,000 wooden crates at a price of $ 12 per crate plus 7% PST and 5% GST. During the current fiscal year, Cabernet purchased 50,000 crates. Near the end of the year, however, a restrictive tariff on the import of crates from the United States was lifted. Crates then became readily available from other suppliers for only $ 9.
Required:
1. Prepare the journal entry to record the purchase of crates during the current fiscal year.
2. Prepare the journal entry to record the impact of the price drop. What two conditions are necessary for Cabernet to recognize a loss on the contract?
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