[25 Robinson Textiles Inc. (Robinson Textiles) estimates its inventory using the retail inventory method and reports under ASPE. You have gathered the following information about the company's inventory for the year to date: Cost Retail Gross sales $ 600.000 Sales discounts 13.000 Sales allowances 1000 Beginning inventory $ 60.000 $ 80.000 Purchases 300.000 550.000 Purchase discounts 8.000 Purchase returns 12.000 13.000 Freightin 5.000 Additional markups 15.000 Markup cancellations 3.000 Markdowns 12.000 Employee discounts 5.000 Required: Estimate the cost of the inventory for Robinson Textiles at year end. (Round cost percentage to two significant decimal places for example. 12.34%.) {20 Zeltec Inc. has 800 hectares of agricultural land as part of its property. plant, and equipment. The land had an original cost of $4.4 million. which is also its reported value as at June 30. 2021. Zeltec rented out this land under a fiveyear lease that expired on June 30. 2021. at an annual rent of $400 per hectare. The company follows the cost model for measuring the land. Due to the current state of the agricultural sector. the board of directors is concerned about whether the value of the land has been impaired. The new rental lease agreement requires rental payments of $350 per hectare for the ve years beginning July 1. 2021. with the rst payment due on July 1. 20212020. There is no indication that rental values will increase in the foreseeable future. The land was formally appraised as at July 1. 2021. and that appraisal indicated a market value. if sold. of $4.300 per hectare. with estimated selling costs of $100,000. Required: a) Explain to the board of directors whether impairment has occurred and. if so. prepare the journal entry required to reect the impairment in the accounts for the 2f5