following account balances at December 31, 2025, prior to releasing the financial statements for the year: Merchandise Inventory, ending Cost of Goods Sold $ 15,800 Net Sales Revenue. 74,000 120,000 gan has determined that the current replacement cost (current market value) of the December 31, 2025, ending merchandise inventory is $11,500. Read the requirements. Requirement 1. Prepare any adjusting joumal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation Debit Credit Date 80 Dec 31 n CA Requirement 2. What value would Oregon report on the balance sheet at December 31, 2025, for merchandise inventory? d According to the ry rule, Oregon Resources should report inventory on the December 31 balance sheet at