On December 4, 20Times8, DoCo enters into a contractual agreement to take delivery on January 25, 20Times9 of 10,000 pounds of nuts at a cost of $2.20 per pound. On December 31, 20Times8, DoCo finds that the market price of the nuts has declined to $1.90 per pound, and management decides that the decline is permanent. When DoCo takes delivery on january 25, 20Times9, the market price of nuts is $1.75 per pound. As a result, DoCo should ... debit Inventory $17,500 debit Inventory $22,000 debit Loss $4,500 debit Retained Earnings $3,000