2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Complete the table column "Write-Down per Item" and then sum the final column. Item Unit Cost (FIFO) $ 20 NRV per Item $ 13 Write-down per Item Quantity on Hand 95 Total Write- down 53 80 Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers 15 36 37 32 Req1A Req 1B > Reg 1A Reg 1B Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. Total amount of write-down