Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December 31, 2019 $312,000 $298,000 Assume Paul Corporation's inventory at January 1, 2019 had a cost and net realizable value of $300,000. Required: Prepare the journal entry to record the reductions to NRV assuming that Paul uses a periodic inventory system and the direct method. PAGE 1 GENERAL JOURNAL Score: 23/51 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Dec. 31 Cost of Goods Sold 14,000.00 2 Allowance to Reduce Inventory to Market 14,000.00 3 Dec. 31 Loss Due to Market Valuation 14,000.00 4 Inventory 14,000.00