Problem 8-9 (Part Level Submission) Pronghorn Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2015, 2016, and 2017, as follows Lower of Cost and Net Realizable Value Cost Dec. 31, 2015 $63,000 Dec. 31, 2016 82,000 Dec. 31, 2017 78,800 $63,000 73,800 69,000 (a) Your answer is partially correct. Try again. Prepare the joumal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/16 63000 Inventory 63000 (To close beginning inventory) 12/31/16 Inventory 82000 82000 (To record ending inventory) 12/31/16 Cost of Goods Sold 8200 Inventory 8200 (Year end inventory adjustment) 12/31/17Inventory 82000 Sales Revenue 82000 (To close beginning inventory) 12/31/17 Sales Revenue 78800 Inventory To record ending inventory) 12/31/17Cost of Goods Sold 9800 Inventory 9800 (Year end inventory adjustment)