At 12/31/20, the end of Wildhorse Company's first year of business, inventory was $6.500 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: 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 1,500 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 Wildhorse 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 Wildhorse uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Complete the last three columns in the 12/31/21 schedule below based upon the lower-haa-cost-or-market rules. Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. How are inventory losses disclosed on the income statement? Inventory losses can be disclosed separately below or they can be shown as part of