how do you do hoth of these??

7 The December 31, inventory of Young Company consisted of four products, for which certain information is provided below. Net Realizable Product Original Cost Value $120.00 $122.00 B $40.00 $35.00 $180.00 $190.00 $56.00 $44.00 Using the lower-of-cost-or-net realizable value approach applied on a product by product basis, prepare the appropriate journal entry using the loss method. (5 points) Debit Credit 8. Vogel Inc. sells a building for $2,050,000 on December 31, 2020. Vogel purchased the building on January 1, 2018, for $2,000,000 and depreciated the building using the straight-line method using zero salvage value and a useful life of 20 years. Prepare the journal entry to record this sale. (5 points) Debit Credit