Required information [The following information applies to the questions displayed below.] A local Chevrolet dealership carries the following types of vehicles: Unit Unit Inventory Items Quantity Cost NRV Vans 4 $27,000 $25,000 Trucks 7 18,000 17,000 2-door 3 13,000 15,000 sedans 4-door 5 17,000 20,000 sedans Sports cars SUVS 1 37,000 40,000 6 30,000 28,000 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. 3. 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.) View transaction list Journal entry worksheet 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction Record entry General Journal Debit Credit View general journal Clear entry Required information [The following information applies to the questions displayed below.] A local Chevrolet dealership carries the following types of vehicles: Unit Unit Inventory Items Vans Quantity Cost $27,000 NRV $25,000 Trucks 7 18,000 17,000 2-door sedans 13,000 15,000 4-door sedans 5 17,000 20,000 Sports cars SUVS 37,000 40,000 30,000 28,000 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. 4. The write-down of inventory from cost to net realizable value reduces total assets and increases total expenses, leading to lower net income and lower retained earnings. True or False True False