K Some of L and L Electronics' merchandise is gathering dust. It is now December 31, 2025, and the current replacement cost of the ending merchandise inventory is $20,000 below the business' cost of the goods, which was $100,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $410,000 Read the requirements Requirement 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required select "No entry required" on the first line of the journal entry table.) The required journal entry would be: Date Dec. 31 Accounts and Explanation Debit Credit

Read the inevinmenta. the frat ine of the jeumal entry table) L and L Electronics' merchandise is gathering dust. It is now December 31,2025 , and the current replacement cost of the ending merch. ods, which was $100,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of requirements. ment 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. ine of the journal entry table.) uired journal entpumould he: Requirements 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation