Sunland Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity 90 Unit Cost $3.75 NRV $5.20 A1 B4 80 185 2.50 2.05 2.35 10.05 C2 D3 125 8.45 7.65 Assume that Sunland uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes. Prepare the year-end adjusting entry required to adjust to the lower af cost ar net realizable value on an item-by-item basis using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Crestit Date December 31, 2020 Prepare the year-end adjusting entry required to adjust to the lower of cost or netreazable value on an item-by-item basis using the indirect method. (Credit account elles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2020