The company also reports the following annual dana Required W. Prepare the entry to apply the lower at cost or market rule an December 31. Use an allowance account to reduce inventory and a separate loss actount io decrease equity Ignore inconte taxes b. Prepare an income statement for the year. Ignore income taxes. - Note: Use a negative sign () only for a holding loss (if applicable). c. Report the inventory amount for the balance sheet at the lower of cost or market at December 31. - Note: Do not use negative signs with any of your answers