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Shamrock Company lost most of its inventory in a fire in December just before the...

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Accounting

Shamrock Company lost most of its inventory in a fire in December just before the year-end
physical inventory was taken. The corporation's books disclosed the following.
Merchandise with a selling price of $20,000 remained undamaged after the fire. Damaged
merchandise with an original selling price of $15,500 had a net realizable value of $5,600.
Compute the amount of the loss as a result of the fire, assuming that the corporation had no
insurance coverage.
Amount of the loss
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