can you please answer in order and make it simple

X 1 * Requirements a. What accounting action should Shark take in this situation? b. Give any journal entry required, c. At what amount should the company report Inventory on the balance sheet? d. At what amount should the company report Cost of Goods Sold on the income statement? e. Discuss the accounting principle or concept that is most relevant to this situation Print Done Shark Trade Marthas recently had lackluster sales. The rate of invertory turnover has dropped, and the merchandise is gathering dust. At the same time, competition has forced Shaw's suppliers to lower the prices that Shark will pay when replaces its invertory. It is now December 31, 2018, and the net realitzable value of Show ending inventory is $95.000 below what the company rely old for the goods, which was $190.000. Before any tents at the end of the period, the cost of Goods sold account has a balance of $40.000 Read the requirements Requirement a. What accounting action should Shark take in this station? She should polythe toccount for inventories. The netrable value ofending inventory Share's alco, Sharmut write the inventory Requirement. Give any ouma entry required. Record debits first, then credits Exclude explanations from any jounalis in any is required, select "No entry required in the first cel in the Account column and leave werelis blank.) Journal Entry Date Accounts Debit Credit Dec 31 Requirements. At what amount should the company report Inventory on the balance sheet? Shark should report inventory on the balance sheet 5 Requirements. At what amount should the company report inventory on the balance sheer? Shark should report Inventory on the balance sheet at Requirement d. At what amount should the company report Cost of Goods Sold on the income statement? Shark should report Cost of Goods Sold on the income statemental 5 Requiremente. Discuss the accounting principle or concept that is most relevant to this situation is the reason to account for inventory using directs accountants to report inventory at the most realistic and transparent amount