Required information M7-15 (Algo) Preparing the Journal Entry to Record Lower of Cost or Market/Net Realizable Value (LCM/NRV) Adjustment [LO 7-4] [The following information applies to the questions displayed below.] During fiscal 2014, Respberry, Incorporation wrote down its RB10 smartphone inventory by approximately $1,708,000,000 because its cost exceeded its net realizable value. M7-15 (Algo) Part 1 Required: 1. Complete the table below, indicating the account, amount, and direction and show the effects for the above adjustment. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity M7-15 (Algo) Part 2 2. Prepare the journal entry that the company would have made to record the above adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A Record the inventory write down of $1,708,000,000 to LCM. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry >