Some of Mand T Electronics's merchandise is gathering dust. It is now December 31, 2016, and the current replacement cost of the ending merchandise inventory is $22,000 below the business's cost of the goods, which was $102,000. Before any adjustments at the end of the period, the company's cost of Goods Sold account has a balance of $414,000 Requirements 1. Journal any required enines 2. At what amount should the company report merchandise inventory on the balance sheet? Al 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 situabon? Requirement 1. Journal any required entries (Record des first, then credits Solect the explanation on the last line of the journal entry table For sabons that do not quan entry, make sure to select "No Entry Required in the first coll in the Accounts column and love all other cells blank) The required journal entry would be Date Accounts and Explanation Debit Credit