The following information is available for Sheridan Corporation's inventories:

December $31,2022$:

At cost: $$590000$

At lower of cost and net realizable value $($NRV$)$: $$542000$

December $31,2023$:

At cost: $$797000$

At lower of cost and net realizable value $($NRV$)$: $$757000$

Sheridan uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV$.$ Sheridan's $2022$ journal entry to adjust its inventory from cost to the lower of cost and net realizable value $($NRV$)$ will include a

credit of $$48000$ to Inventory.

credit of $$48000$ to Loss on Inventory Due to Decline in NRV$.$

debit of $$48000$ to Allowance to Reduce Inventory to NRV$.$

debit of $$48000$ to Loss on Inventory Due to Decline in NRV$.$