Sunland Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2019, 2020 and 2021. This information is presented below. Cost December 31, 2019 December 31, 2020 December 31, 2021 $97,440 112,000 108,640 Lower-of-Cost-or- Market $79,520 109,760 108,640 (a) Prepare the journal entries assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of- goods-sold method) is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/19 b) Prepare journal entries required at December 31, 2019 2020 and 2021, assuming that the inventory is recorded at market under a perpetual system (loss method is used). (Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit 12/31/19 12/31/20 12/31/21