At 12/31/21, the end of Bell Company's first year of business, inventory was $158,800 and $157,900 at cost and at net realizable value, respectively. Bell uses FIFO for valuing inventories, and they apply the lower of cost or net realizable value on an individual item basis to compute the inventory valuation on 12/31/21. Bell uses the allowance method to reduce inventories, as needed. What journal entry is required at 12/31/L2 ? (Be sure to show all computations and relevant T accounts.)