Reference no: EM132920865
Question - On 1 January 20X1, Tyler Trading Corp. was incorporated by Jim Tyler, who owned all the common shares. His original investment was $130,000. Inventory transactions over the subsequent three years were as follows:
02 January 20X1 Purchased 20 units for resale at $5,600 each. Throughout 20X1 Sold 19 units for an average of $8,600 each.
31 December 20X1 Remaining one units have a selling market value of $6,600 each.
15 July 20X2 Bought five units for resale at $7,600 each. Throughout 20X2 Sold four units at an average of $13,200 each.
31 December 20X2 Remaining two units have a selling market value of $10,600 each. Throughout 20X3 Sold all two remaining units at $9,600 each.
Required -
1. Calculate accounting income, based on transactions, for 20X1, 20X2, and 20X3. Assume FIFO.
2. Calculate economic income, based on events or changes in value, for 20X1, 20X2, and 20X3.
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