During $20$X$7,$ Omega Corp. signed a contract with Alpha Inc. to purchase $15,000$ subassemblies at $$175$ each during $20$X$8.$

Required:

$1.$ This part of the question is not part of your Connect assignment.

$2.$ Assume that the cost of the subassemblies is dropping and the total estimated current replacement cost is $$2,400,000.$ What contractual and economic conditions would require accrual of a loss? Give the accrual entry $\mathrm{.}3.$ Assume that the subassemblies are received in $20$X$7$ when their replacement cost was $$2,370,000.$ The contract was paid in full. Give the required entry, assuming the entry in requirement $2$ was made, and a periodic inventory system is used.