Lower of Cost or Market: Record Reduction to Market Chart of Accounts General Journal Instructions Paul Corporation reports the following inventory information Cost Market December 31, 2016 $312,000 $298,000 Paul Corporation's inventory at January 1, 2016 had a cost and market value of $300,000 Required: Prepare the journal entry to record the reductions to market for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance methood