Crypto Company adopted the dollar-value LIFO inventory method on December 31, 2020. In applying the LIFO method, Crypto uses internal cost indices. The following data is available for year-end inventory at current year-end prices for the four years following the adoption of LIFO:

Year	year-end prices	Cost Index
12/31/2020	$264,000	1.00
12/31/2021	$312,000	1.04
12/31/2022	$316,960	1.12
12/31/2023	$407,100	1.18
12/31/2024	$425,000	1.25

Under the dollar-value LIFO method, compute the dollar-value LIFO inventory for the five years and calculate the LIFO reserve, and provide the journal entry for the year 2024 for recording the LIFO reserve