Some of M and C Electronics' merchandise is gathering duat. It is now Deoember 31,2024 , and the current replacement cost of the onding merchandise inventory is $24,000 below the business's cost of the poods, which was 597,000 . Belore any adfusiments at the end of the period, the company's Cost of Coods Sold account has a balance of 5380.000; Rend the iequiremerts. Requirement 1. Jeumalize any required entries. (Record debits first, then crediss. Salect the explanation on the last line of the journal entry table. For situaticns ithat do not require an entiy, make sure to celoct "No Entry Requiced" in the fint cell in the "Accounts" column and leunve all other cells blank.) The recuirnd joumal entry would be: Reputrement 2. Mt what amount should the corrpary report merchandise inventory on the balance aheet? M and C ahould mepert merchandise inventory on the bajance aneet at