As a result of its annual inventory count, Blue Spruce Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2016, and December 31, 2017. This information is as follows Lower of Cost and NRV Cost Dec. 31, 2016 $321,300 Dec. 31, 2017 386,000 $283,550 351,350 Prepare the journal entries required at December 31, 2016 and 2017, assuming that the inventory is recorded directly at the lower of cost and net realizable value and a periodic inventory system is used. Assume that cost was r tha at December 31, 2015. (Credit account titles are automcl ndented when the amount is entered. po not indent manually. Ir no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/16 (To record inventory at cost) 12/31/17 To reverse 2016 entry) 12/31/17 (To record inventory at cost)