Some of M and C Electronics' merchandise is gathering dust. It is now December 31,2024 , and the current replacement cost of the ending merchandise inventory is $24,000 helow the cost of the goods, which was $97,000. Bolore any adustments at the end of the period, the company's Cost of Goods Sold account has a balance of $380,000. Read the requiromente. Requirement 1. Joumalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the joumel entry table. For situations that do not require an at sure to solect "No Entry Required" in the first cell in the "Accounts" column and leave all other cells blank.) The required journal entry would be: Requirement 2. At what amount should the company report merchandise inventory an the balance sheet? M and C ahould roport merchandise inventory on the balance sheet at Requirement 3. At what amount ohould the company report cost of goods sold on the income statement? M and C should report cost of goods sold on the incame statement at