Peter's Plants, Inc., specializes in growing Pink Tuberous Begonia flowers. Peter's enters into a contract to deliver 1,000 of its genetically modified pink begonias to Lester's Flowers for $5 a plant. Relying on the contract, Lester's enters into a second contract with a large apartment complex to plant 1,000 pink begonias around its property. A large ice storm demolishes all of Peter's begonia flowers. In turn, Peter's didn't meet its supply to Lester's, and Lester's didn't plant the flowers at the apartment complex. The apartment complex sues Lester's for breach of contract, and Peter's is brought as a cross-claim defendant. What are the arguments Lester's and Peter's should make in defense of not performing under their respective contracts

He moto hotel opened for business on may 1, 2017. here is its trial balance before adjustment on may 31. moto hotel trial balance may 31, 2017 debit credit cash $ 2,283 supplies 2,600 prepaid insurance 1,800 land 14,783 buildings 72,400 equipment 16,800 accounts payable $ 4,483 unearned rent revenue 3,300 mortgage payable 38,400 common stock 59,783 rent revenue 9,000 salaries and wages expense 3,000 utilities expense 800 advertising expense 500 $114,966 $114,966 other data: 1. insurance expires at the rate of $360 per month. 2. a count of supplies shows $1,050 of unused supplies on may 31. 3. (a) annual depreciation is $2,760 on the building. (b) annual depreciation is $2,160 on equipment. 4. the mortgage interest rate is 5%. (the mortgage was taken out on may 1.) 5. unearned rent of $2,580 has been earned. 6. salaries of $810 are accrued and unpaid at may 31