The chief financial officer of Saska Windmills has provided you with the following information relating to its inventory: Date Dec 31, 2019 Dec 31, 2020 Cost $638,000 $502,000 NRV $503,000 $552,000 Saska Windmills uses the perpetual inventory system and records its inventory at cost. An allowance account is adjusted at the end of each year to account for the lower of cost or net realizable value (NRV). 2019 was the first year of operations for the company, therefore, they did not have a balance in their allowance account. 1. Prepare the journal entry on December 31, 2019 to apply LCNRV. If no entry is required, write "no entry required" 2. Prepare the journal entry on December 31, 2020 to apply LCNRV. If no entry is required, write "no entry required