Some of G and A Electronics' merchandise is gathering dust it is now December 31, 2024, and the current replacement cost of the ending merchandise inventory is $26,000 below the business's cost of the goods, which was $98,000 Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance of $413,000 Read the regurements Requirement 1. Joumalize any required entries. (Record debts first, then credits. Select the explanabon on the last ine of the journal entry table For situations that do not require an entry make sure to select "No Entry Requred in the first cell in the "Accounts" column and leave all other cells blank) The required journal entry would be Date Dec 31 Accounts and Explanation Debit Credit Requirement 2. At what amount should the company report merchandise inventory on the balance sheet? O and A should report merchandise inventory on the balance sheet at Requirement 3. Al what amount should the company report cost of goods sold on the income statement? Gand A should report cost of goods sold on the income statement of Requirement 4. Which accounting principle or concept is most relevant to this situation? is the reason to account for merchandise inventory at directs accountants to decrease the accounting value of an asset if it appears