Question: Review situation (1) from the case. Determine whether Kamloops properly recorded the purchase of inventory. Use the applicable definitions of the elements of financial reporting

Review situation (1) from the case. Determine whether Kamloops properly recorded the purchase of inventory. Use the applicable definitions of the elements of financial reporting to explain your answer.

Situation (1): Kamloopss inventory supplier shipped $15,000 of inventory to Kamloops on December 31, 2019, FOB shipping point. Alphonzo indicated that he did not record the inventory for the year ended December 31, 2019, because it was not received until January 2, 2020.

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