Kumar Inc. uses a perpetual Inventory system. At January 1, 2014, Inventory was $215, 250 at both cost and market value. At December 31, 20M, the Inventory was $289, 630 at cost and $265, 750 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount Is entered. Do not indent manually.)