See more Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $71,000 and Cost of Goods Sold of $422,000. Included In Inventory (and Accounts Payable) are $10.200 of lenses held on consuming. Included in the Inventory balance ace $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 repeated 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. For each item, 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 field.)