Conti Products owed $80,000 on account for inventory purchased on December 1, 2018. Conti uses a perpetual inventory system and has a fiscal year that ends on December 31. Conti was unable to pay the amount owed by the March 1, 2019, due date because of financial difficulties. On March 1, 2019, Conti signed a four-month, $80,000, 6% interest-bearing note. This note was repaid with interest on July 1, 2019 Required: If no entry is required, type "No entry required" and leave the amount boxes blank 1. Prepare the entry recorded on December 1, 2018. 2018, Dec. 1 Inventory Accounts Payable (Record purchase of inventory on account) Feedback 2. Prepare the adjusting entry recorded on December 31, 2018. 2018, Dec. 31 No entry required No entry required (Year end adjustment)