please do not copy already posted answers. typing please, thanks)

E9-8 (L02) (Lower-of-Cost-or-Market-Journal Entries) Corrs Company began operations in 2016 and determined its end- ing inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2016, and December 31, 2017. This information is presented below. Cost 12/31/16 12/31/17 Lower-of-Cost-or-Market $327,000 395,000 $356,000 420,000 Le Instructions (a) Prepare the journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market, anda perpetual inventory system (cost-of- ds-sold method) is used. (b) Prepare journal entries required at December 31, 2016, and December 31, 2017 assuming that the inventory is recorded at market under a perpetual system (loss method is used). (c) Which of the two methods above provides the higher net income in each year