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:

Extended Self

A concept in consumer behavior that suggests individuals incorporate possessions and associated meanings into their self-concept, viewing them as part of their identity.

Extended Selves

The concept that individuals' possessions and their association with them extend their sense of self and identity.

Sense of Self

The perception or awareness one has of themselves, including their identity, personality, and individuality.

Extended Self

A concept in consumer behavior that suggests individuals define themselves by the things they own, which are seen as extensions of their identity.