Question 2: A fire damaged 6 flat-screen LCD television and 14 DVD players held for sale by Awesome Electronics Inc. Since the damage was not covered by insurance, the items will be repaired and sold in accordance with the following data:

Required: 

Provide Journal Entries, if any, to record the fire damage, in accordance with IFRS, for Jan. - Dec. 2016 fiscal year.

Transcribed Image Text:

Data per Unit Normal Selling Price DVD Players $400 LCD Television $1,500 $1,200 $ 105 $ 45 $ 675 $300 $ 90 $ 30 Purchase Price Repair Costs Selling Costs Selling Price (after Repairs) $160 Data per Unit Normal Selling Price DVD Players $400 LCD Television $1,500 $1,200 $ 105 $ 45 $ 675 $300 $ 90 $ 30 Purchase Price Repair Costs Selling Costs Selling Price (after Repairs) $160