Canton Trade Mart has recently had lackluster sales. The rate of inventory turnover has dropped, and the merchandise is gathering dust. At the same time, competition has forced Canton's suppliers to lower the prices that Canton will pay when it replaces its inventory. It is now December 31, 2018, and the net realizable value of Canton's ending inventory is $ 50,000 below what the company actually paid for the goods, which was $270,000. Before any adjustments at the end of the period, the Cost of Goods Sold account has a balance of $760,000.a. What accounting action should Canton take in thissituation?b. Give any journal entry required. c. At what amount should the company report Inventory on the balance sheet?d. At what amount should the company report Cost of Goods Sold on the income statement?e. Discuss the accounting principle or concept that is most relevant to this situation.

John and daphne are saving for their daughter ellen's college education. ellen just turned 10 at (t = 0), and she will be entering college 8 years from now (at t = 8). college tuition and expenses at state u. are currently $14,500 a year, but they are expected to increase at a rate of 3.5% a year. ellen should graduate in 4 years--if she takes longer or wants to go to graduate school, she will be on her own. tuition and other costs will be due at the beginning of each school year (at t = 8, 9, 10, and 11).so far, john and daphne have accumulated $15,000 in their college savings account (at t = 0). their long-run financial plan is to add an additional $5,000 in each of the next 4 years (at t = 1, 2, 3, and 4). then they plan to make 3 equal annual contributions in each of the following years, t = 5, 6, and 7. they expect their investment account to earn 9%. how large must the annual payments at t = 5, 6, and 7 be to cover ellen's anticipated college costs? a. $1,965.21b. $2,068.64c. $2,177.51d. $2,292.12e. $2,412.76