On June 1, 2013, Yenex Corporation Signed a Binding, Non-Cancellable

question 66

Essay

On June 1, 2013, Yenex Corporation signed a binding, non-cancellable contract with AB Corporation to purchase, during the following 12 months, 500 units of Product Z at $30 each. By December 31, 2013, Yenex Corporation had purchased and paid for 400 of the units (debit inventory and credit cash, $12,000). At the end of 2013, Product Z could be purchased at a firm cash price of $27 per unit. (Assume amounts are material.)
(a) Give any entry required at December 31, 2013 (end of the accounting period).
(b) On March 30, 2013, Yenex Corporation purchased the remaining units under the contract. At that date, the units could have been purchased for a firm cash price of $28. Give the required entry (entries) under IFRS.

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Definitions:

Negative Life Experiences

Events or situations that have a detrimental impact on an individual's mental, emotional, or physical well-being.

Emotional Memories

Memories strongly associated with emotions, which are often more vivid and persistent than non-emotional ones.

Independent Self-construal

A concept referring to a self-identity that is distinct and separate from others, emphasizing personal autonomy and individuality.

Interdependent Self-construal

A concept of self-identity that is fundamentally connected to and contingent upon relationships with others, emphasizing social harmony and relationships.