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Question - You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2019, as prepared following IFRS. You discover the following situations:
(What are the required Journal entries (if any) to correct PC accounts, assuming each transaction is independent and assume 2019 books are not closed.)
1 - Physical inventory count on Dec 31, 2017, improperly included merchandise costing $3,800 that had been sold but not delivered until Jan 5, 2018. PC uses periodic inventory system
2 - PC purchased another company in Jan 1, 2017 and recorded a goodwill of 500,000. PC accountant assumed the goodwill useful life is 10 years and amortized the goodwill straight line. There was a goodwill impairment in 2019 amount of 50,000.
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