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[The following information applies to the questions displayed below.] A local Chevrolet dealership carries the following types of vehicles:

Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.

*** Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Inventory Items Vans Trucks 2-door sedans 4-door sedans Sports cars SUVs Quantity 3 6 2 7 3 5 Unit Cost $19,500 16,500 11,500 15,500 29,500 27,000 Unit NRV $17,500 15,500 13,500 18,500 32,500 20,500 Answer is complete but not entirely correct. Debit No Credit General Journal Transaction 1 1 10,500 Cost of Goods Sold Inventory 10,500