The Following Information Is Available for Pink Company for 2017

question 41

Essay

The following information is available for Pink Company for 2017:
a. In early April Pink made major repairs to its equipment at a cost of $90,000. These repairs will benefit the remainder of 2017 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, 2017, quarterly financial statements.

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Definitions:

Scalenes

A group of muscles located in the neck, responsible for assisting with breathing and the lateral flexion and rotation of the neck.

Blood Concentration

The amount of a substance (such as glucose, electrolytes, or medication) present in a certain volume of blood.

Oxygen

A chemical element essential for cellular respiration in living organisms, and a major component of Earth's atmosphere.

Skeletal Muscle

A type of striated muscle tissue which is under voluntary control, used to move the skeleton.