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

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Accounting

Martinez 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 $23,100 remained undamaged after the fire. Damaged merchandise with an original selling price of
$15,700 had a net realizable value of $5,500.
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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