Tasty'sChocolate Storepaid $6,000 for Easter Egg inventory on March 15th. By April 30th (2 weeks after Easter), the seasonal inventory can only be sold to customers for $4,000, and the decline in value appears permanent.In order to sell the inventory quickly, an on lineadvertisement must be taken out for $500 other wiseit is unlikely they will sell the Easter Eggs at all.

(a) Prepare the required Journal Entry for the above situation

(b) What is the balance in the Inventory account after your Journal Entry?

(c) Explain why AccountingPrinciplesrequireyouto make this Journal Entry