Current Attempt in Progress Waterway Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. 12/31/20 12/31/21 Cost $356,450 443,620 Net Realizable Value $331,660 422.750 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account des ore automatically indented when amount Is entered. Do not indent manually. If no entry is required, select 'No entry for the account titles and enter for the antounits) Date Account Titles and Explanation Debit Credit 12/31/20 12/31/21 (b) Prepare journal entries required at December 31, 2020, and December 31, 2021. assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit 12/31/20 Credit 12/31/21 c) Which of the two methods above provides the highernet Income in each year