Exercises os Bonita Company began operations in 2019 and determined its ending inventory at cost and at lowerof-LIFO costo market at December 31, 2019, and December 31, 2020. This information is presented below: Cost 12/31/19 12/31/20 $335,230 408,990 Lower-of-Cost-or-Market $314,700 392,590 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory recorded at market and a perpetual Inventory system (cost-of-goods-sold method) is used. (Credit accountries are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account is and enter for the amounts) Debit Credit Date Account Tities and Explanation 12/31/19 12/31/20 (b) Prepare journal entries required at December 31, 2019, and December 31, 2020 ming that the inventaris recorded at market under a perpetual system (loss method is used). (Credit account titles are automatically indented when amount is entered. Do not inden manly. It ne entry is required, select "No entry for the account titles and enter for the Date Account Titles and Explanation 12/31/19 12/31/20 (c) Which of the two methods above provides the higher net income in each year Click if you would like to show Work for this question Open Show York