Corrs company began operations in 2016 and determined its ending inventory at cost and at lower-of-lifo cost-or-market at december 31, 2016, and december 31, 2017. this information is presented below:

cost

lower-of-cost-or-market

12/31/16 $356,000 $327,000
12/31/17 420,000 395,000

(a) prepare the journal entries required at december 31, 2016, and december 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used.

(b) prepare journal entries required at december 31, 2016, and december 31, 2017, assuming that the inventory is recorded at market under a perpetual system (loss method is used).

(c) which of the two methods above provides the higher net income in each year? both, cogs method, or loss method?

Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)