The Following Information Is Available for Pink Company for 2014

question 4

Essay

The following information is available for Pink Company for 2014:
a.In early April Pink made major repairs to its equipment at a cost of $90,000.These repairs will benefit the remainder of 2014 operations.
b.At the end of May, Pink sold machinery with a book value of $35,000 for $45,000.
c.An inventory loss of $60,000 from market decline occurred in July.In the fourth quarter the inventory had a market value recovery that exceeded the market decline by $30,000.
Required:
Compute the amount of expense/loss that would appear in Pink Company's June 30, September 30, and December 31, 2014, quarterly financial statements.

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Severe or strict penalties imposed as a response to an offense or misconduct.

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