As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2019, and December 31, 2020. December 31, 2019, was Bridgeport's first year end. This information is as follows: Cost Dec. 31, 2019 $321,800 Dec. 31, 2020 385,600 Lower of Cost and NRV $283,450 352,150 Prepare the journal entries required at December 31, 2019 and 2020, assuming that the inventory is recorded directly at the lower of cost and net realizable value and a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Date 12/31/19 (To record ending inventory at LC and NRV) 12/31/20 (To transfer out beginning inventory balance) 12/31/20 (To record ending inventory at LC and NRV) Prepare the journal entries required at December 31, 2019 and 2020, assuming that the inventory is recorded at cost and an allowance account is adjusted at each year end under a periodic system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation 12/31/19 (To record ending inventory at cost) 12/31/19 (To write-down inventory to lower NRV) 12/31/20 (To transfer out beginning inventory balance) 12/31/20 (To record ending inventory at cost) 12/31/20 (To record recovery of write down of inventory to lower NRV)