Kriver Company determined its ending inventory at cost and at the lower-of-cost-or-market at December 31, 2015, December 31, 2016, and December 31,2017, as shown below.

Date	Cost	Lower-of-Cost-or-Market
12/31/15	$219,000	$219,000
12/31/16	364,000	354,000
12/31/17	327,000	299,000

Required: Please show all calculations

a) Prepare the journal entries required at 12/31/16 and 12/31/17 assuming Kriver uses the cost-of-goods-sold method to make any needed adjustment for inventory valuation to the Lower-of-Cost-or-Market.

b) Prepare the journal entries required at 12/31/16 and 12/31/17 assuming Kriver uses the loss method to make any needed adjustment for inventory valuation to the Lower-of-Cost-or-Market.