Problem 31-16 (IAA) inventory method to account for se balance of the tools account on Fauna Company numerous sm ing Company used the inventory erous small tools. The balance Tonuary 1, 2019 was P140,000 ons occurred with respect to the small The following transactions occurred with tools during the current year. Acquisitions at cost March 31 July 31 Sale of used tools at salvage value on December 31 Inventory of small tools on December 31, at cost 40,000 20,000 4,000 150,000 Required: Frepare journal entries to record the transactions related to the tools account