Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 35 MegaDriver 15 MegaDriver II 30 Unit Cost $ 60 360 350 Unit NRV $ 70 250 420 Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus ign.) Revenues Income Statement: Expenses Net Income Balance Sheet: Assets Liabilities Stockholders' Equity