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Assuming hillside uses gaap determine the book value

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Reference no: EM13932725

Hillside Winery Inc. has inventory that cost $600,000. The aging process for the inventory requires several years. At the company's closing date (December 31, 2013) the inventory had a market value of $500,000. During 2014 the market value recovered to an estimated $580,000. 

Required: 

a. Assuming Hillside uses GAAP determine the book value and the amount of any gain or loss recognized on the 2013 and 2014 financial statements. 

b. Assuming Hillside uses IFRS determine the book value and the amount of any gain or loss recognized on the 2013 and 2014 financial statements.

Reference no: EM13932725

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