M7-10 Preparing the Journal Entry to Record Lower of Cost or Market (LCM) Adjustments [L0 7-4 The following Information applies to the questions displayed below During its second and third quarters of fiscal 2014, Raspberry, Inc. wrote down its BB10 smartphone inventory by approximately $1,701,000,000 because its cost exceeded its market value. References Section Break M7-10 Preparing the Journal Entry to Record Lower of Cost or Market (LCM) Adjustments LO 7-4) value 0.83 points Required information M7-10 Part 2 2. Prepare the journal entry that the company would have made to record the above adjustment. (If no entry is required for a transactionevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the inventory write down of $1,701,000,000 to LCM M7-10 Part 2 2. Prepare the journal entry that the company would have made to record the above adjustment. (f no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the inventory write down of $1,701,000,000 to LCM. Note: Enter debits before credits General Journal Debit Credit Clear entry View general journal Record entry