] Instructions Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December 31, 2019 $312,000 $298,000 Required: Prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct method. Chart of Accounts CHART OF ACCOUNTS Paul Corporation General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 131 Inventory EXPENSES 132 Allowance to Reduce Inventory 500 Cost of Goods Sold to NRV 505 Loss on Write-Down of Inventory 141 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation 510 Purchases 531 Salaries Expense ns Chart of Accounts 189 Accumulated Depreciation 531 Salaries Expense 532 Delivery Expense 533 Insurance Expense LIABILITIES 211 Accounts Payable 534 Utilities Expense 221 Salaries Payable 541 Depreciation Expense 231 Unearned Rent 559 Miscellaneous Expenses 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings