Some of M and C Dectronios' merchandise is gathering dust. it is now December 31,2024 , and the cument replacement cost of the ending merchandise imventory is $24,000 bolsw the bunhessis cost of the goods, which was \$97,000. Before any adustments at the end of the period, the companys Cost of Goods Sold account has a balence of \$390,000. Rend the remultaments. Requirement 1. Journalize any required entries. (Recoed debits first, then credits. Select the oxplanation on the last line of the journal entry table. For sikuajons that do not require an entry, make wure to solect "No Entry Required" in the first cell in the "Aocounts" column and leave all other cells blank.) The required jeurnal entry would be: Requiremient 2. At what amount should the company roport merchandise inventory on the balance sheer? M and C sheud report merchandise inventory on the baiance wheet at Requirement 3. At what amount should the company report cost of goces sold on the income statement? M and C should repert cost of geode soid on the incame statement at Requirement 4. Which aceounting princple or concept is most relevans to this siluation? drects accountanst to decrease ite acoounting value of an asset fi appears yarnalisticaly high