2013, the inventory was $ 428,714 at cost and $ 403,231 at market valu e. Prepare the necessary December 31 entry under: Question 9 Boyne Inc. had beginning inventory of $ 15,000 at cost and $ 25,000 at retail. Net purchases were $ 150,000 at cost and $ 212,500 at retail. Ne t markups were $ 12,500; net markdowns were $ 8,750; and sales were $ 196,250. Compute ending inventory at cost using the conventional re tail method. Question 10( Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory f or monthly reporting purposes. Presented below is information for the month of May. Question 11 Previn Brothers Inc. purchased land at a price of $ 30,400. Closing cos ts were $ 1,820. An old building was removed at a cost of $ 14,850. W hat amount should be recorded as the cost of the land? Question 12 Garcia Corporation purchased a truck by issuing an $ 108,000, 4- year, zero-interestbearing note to Equinox Inc. The market rate of interest for obligation s of this nature is 10 %. Prepare the journal entry to record the purchas e of this truck. Question 13 Mohave Inc. purchased land, building, and equipment from Laguna C orporation for a cash payment of $ 352,800. The estimated fair values of the assets are land $ 67,200, building $ 246,400, and equipment $ 89, 600. At what amounts should each of the three assets be recorded? Question 14 Fielder Company obtained land by issuing 2,000 shares of its $ 12 par value common stock. The land was recently appraised at $ 103,700. T he common stock is actively traded at $ 50 per share. Prepare the journ al entry to record the acquisition of the land. Question 15 Navajo Corporation traded a used truck( cost $ 23,600, accumulated d epreciation $ 21,240) for a small computer worth $ 4,366. Navajo also