Required information [The following information applies to the questions displayed below.] Jul. 17 Purchased 52 watches for $7,904 ($152 per watch) on account Jul. 31 Sold 42 watches for $21,084 cash. Aug. 12 Purchased 42 watches for $6,804 ($162 per watch) cash. Aug. 22 Sold 32 watches for $16,064 on account Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $10,200 for watches sold on account on August 22. Oct. 27 Purchased 82 watches for $14,104 ($172 per watch) cash. Nov. 20 Sold 92 watches for $46,184 cash. Dec. 4 Purchased 104 watches for $18,928 ($182 per watch) on account Dec. 8 Sold 42 watches for $21,084 on account. 2. Late in December, the next generation of multiuse (MV II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $102 per watch. a. Record any necessary adjustment on December 31, 2022, related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) b. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? c. Prepare an updated gross profit section of a partial income statement accounting for this additional information