Kingbird Company began operations in 2025 and determioed its ending inventory at cost and at LCNRV at Docember 31. 2025, and December 31, 2026. This information is presented below. (a) Prepare the journal entrie4 required at December 31.2025, and December 31. 2026, a5suming inventory is recorded at LCNRV and a oerpetual inventory system using the cost-of-goods-sold inethod. (Lst aif debitentries hefore oreditentries Gredif aocoent fities ane. Ofor the amounts. Record found entrles in the onder presented in the problemy. (b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventoryis recorded at LC NRV and a perpetual system using the loss method, (list alf debit entries before credit entriec Credit occount tities ore automatically indented when amount is entered, Do not indent manually. If no entry is required, seiect "No entry" for the account titles and enter o for the amounts. Record? jcumalentries in the order presented in the problem. (c) Which of the two methods above provides the higher net income in each year