At 12/31/20, the end of Blossom Company's first year of business, inventory was $7,100 and $5,500 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Item A B Original Cost Per Unit $0.80 0.50 0.85 0.80 0.85 Replacement Cost $0.45 0.45 0.90 0.70 0.80 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 20% of selling price. There are 1,400 units of each item in the 12/31/21 inventory. Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assuming Blossom uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit 12/31/20 Credit List of Accounts Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Original Cost Replacement Net Realizable Net Realizable Value List of Accounts Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Original Cost Per Unit Replacement Cost Item Net Realizable Value Net Realizable Value Less Normal Profit A $0.80 $0.45 $ B 0.50 0.45 0.85 0.90 D 0.80 0.70 E 0.85 0.80 $ List of Accounts List of Accounts Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Lost t Replacement Cost Net Realizable Value Net Realizable Value Less Normal Profit Appropriate Inventory Value $0.80 $0.45 0.50 0.45 0.85 0.90 0.80 0.70 I 0.85 0.80 $ List of Accounts