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