At 12/31/20, the end of Ivanhoe Company's first year of business, inventory was $6,800 and $4,550 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Cost Per Unit Replacement Cost Item $0.55 $0.35 B 0.40 0.35 0.85 0.90 m 0 0 D 0.85 0.75 0.85 0.80 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% 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 Ivanhoe uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assuming Ivanhoe 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 Credit 12/31/20 Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Friginal Cost Per Unit Replacement Cost Net Realizable Value Net Realizable Value Less Normal Profit Appropriate Invent Value $0.55 $0.35 $ 0.40 0.35 0.85 0.90 0.85 0.75 0.85 0.80 $ Prepare the entries necessary at 12/31/21 based on the data above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/21 (To record cost of goods sold) 12/31/21 (To record profit/ loss)