See more Lens Company (SLC) manufactures and sells contact lenses. For the year ended December 31, the company reported Inventory of $71,000 and Cost of Goods Sold of $422,000 Included in Invantory (and Accounts Payable) are $10,200 of lenses held on consignment. Included in the Inventory balance are $5,100 of office supplies held in SLC's warehouse. Excluded from the inventory balance are $8.100 of lenses in the warehouse. ready to send to customers on January 1 SLC reported these lenses as sold on December 31. at a price of $15,200. Included in the inventory balance are $3,050 of lenses that were damaged in December and will be scrapped in January, with no recoverable value. Required: for each item. (a-d), prepare the Journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select 'No Journal Entry Required' in the first account held.)