In 2020, Orear Manufacturing purchased inventory in 2020 for $700,000. Before the December 31, 2020 balance sheet date, the goods became damaged; therefore, the company could only receive $510,000 if they were to sell the goods on December 31, 2020. The amount that goods should be reported on the December 31, 2020 balance sheet is:

Group of answer choices

510000

700000

700000 plus a normal mark-up

510000 plus a normal mark-up