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The following information is available for Crane Corporation's inventories: Crane uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV. Crane's 2023 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV) will include a debit of $47000 to Loss on Inventory Due to Decline in NRV. debit of $47000 to Allowance to Reduce Inventory to NRV. debit of $2000 to Allowance to Reduce Inventory to NRV. credit of $47000 to Recovery of Loss Due to Decline in Inventory