Simulation $(20$ minutes$)$To record the transaction with Spots Books Inc. $($SBI$)$ for the books.

No journal entry required

Kids Reads Inc. $($KRI$)$ is a book retailer that specializes in children's books and follows

ASPE for reporting purposes. KRI also prints and produces several children's books.

During the past four months, there have been some out$-$of$-$the$-$ordinary transactions that

have yet to be recorded. Jacqueline Lawrence, CPA, has recently been hired to help in

the accounting department to assist Dianne Salzburg, the CFO.

The following information has been gathered:

Appendix I: Email from Dianne Salzburg

Appendix II: Copy of extract from appraisal report from Phillips Appraisal Corporation

Appendix III: Extract from the board of directors' meeting on April $3,$ Year $1$

Complete the tasks in the Excel Task file.