Instructions Paul Corporation reports the following inventory information: Cost Market December 31, 2016 $312,000 $298,000 Required: Prepare the journal entry to record the reductions to market assuming Paul uses a perpetual inventory system and the allowance method. General Journal Shaded cell Prepare the journal entry to record the inventory reduction to market on December 31 assuming Paul uses a perpetual inventory system and the allowance method. How does grading work? PAGE 9 GENERAL JOURNAL Score: 15/25 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Dec. 31 Loss Due to Market Valuation 8,000.00 Cost of Goods Sold 8,000.00 Points: 3/5