Required information [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $14,400. During the year, the company purchased (on account) inventory costing $89,000. Inventory that had cost $85,000 was sold on account for $99,000. At the end of the year, inventory was counted and its cost was determined to be $18,400. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the inventory purchased of $89,000 on account. Note: Enter debits before credits