Sunland Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. (a) Prepare the joumal entries required at December 31,2025, and December 31,2026, assuming inventory is recorded at LCNRV and a perpetual imventory system using the cost-of-goods-sold method. (List all debit entries before credit entries. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter O for the amounts. Record joumal entries in the onder presented in the problem. (b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method, (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered, Do not indent manually. If no entry is required, select "No entry' for the occount titles and enter Ofor the amounts. Record joumal entries in the order presented in the problem. (c) Which of the two methods above provides the higher net income in each year