Some of L and K Electronics' merchandise is gathering dust. It is now December 31, 2024, and the current replacement cost of the ending merchandise inventory is $22,000 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 $414,000. Read the requirements. Requirement 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required" in the "Accounts" column and leave all other cells blank.) the first cell The required journal entry would be: Date Accounts and Explanation Debit Credit Requirements Dec. 31 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation? Requirement 2. At what amount should the company report merchandise inventory on the balance sheet? Land K should report merchandise inventory on the balance sheet at Requirement 3. At what amount should the company report cost of goods sold on the income statement? Print Done Land K should report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to this situation? V is the reason to account for merchandise inventory at directs accountants to decrease the accounting value of an asset if it appears unrealistically high. Choose from any list or enter any number in the input fields and then continue to the next