A now CEO was hired to revive the floundering Champlon Chemical Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved a quasi reorganization for the corporation. The reorganization included devaluing inventory for obsoloscence by $118 milion and increasing land by $5 million. immedatoly peior to the restatement, at December 31 . 2024. Champion Chemical Corporation's bolance sheet appesred as follows fin condensed form: Required: 1. Prepare the journal entries appropeiate to recerd the quasi feorganization on January 1,2025. 2. Prepare a bulance sheet as it would appoor immediately ofier the restatemint. Complete this question by entering your answers in the tabs below. Prepare the joumal entries appropriate to record the quasi reorganization on January 1, 2025. Note: if no entry is required for a transaction/event, select "No foumal entry required" in the first account field. Enter your answers in milions (i-e, 10,000,000 should be entered as 10). Show less. Journal entry worksheet 4 Record revaluation of Inventory. Note: Enter debits before credits