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The following information is for Pina Colada Enterprises Ltd.: Jan 31 $26,100 Feb. 28 $25,900 Mar. 31 $29,000 Apr. 30 $23,400 Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month 25,200 17,800 20,300 30,000 22,300 24,300 37,000 17,100 26,600 39,700 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Pina Colada uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pina Colada Enterprises Ltd. Income Statement February $ March April $ 30000 37000 $ 39700 Cost of Goods Sold Inventory, Beginning Purchases Cost of Goods Available Inventory, Ending Cost of Goods Sold Gross Profit/(Loss) Gain/(Loss) Due to Market Fluctuations of Inventory Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the 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 Credit Jan. 31 Loss on Inventory Due to Decline in NRV 700 Allowance to Reduce Inventory to NRV 700 Feb. 28 Loss on Inventory Due to Decline in NRV 10500 Allowance to Reduce Inventory to NRV 10500 Mar. 31 Allowance to Reduce Inventory to NRV Recovery of Loss on Inventory Due to Decline in NRV Apr. 30 Allowance to Reduce Inventory to NRV Recovery of Loss on Inventory Due to Decline in NRV