Thorson Tackle Shop's accounting records yield the following data for the year ended December 31, 2020. Inventory on hand at December 31, 2020, was $54,000, based on the physical count. (Click the icon to view the accounting records.) Previously, the transactions had been recorded in the perpetual inventory system. Below are the income statement and balance sheet records from the perpetual inventory systerni B (Click the icon to view the income statement under the perpetual inventory system.) (Click the icon to view the balance sheet under the perpetual inventory system.) i Accounting records Required $ Requirement 1. Journalize Thorson Tackle Shop's inventory transactions for the year in the periodic system. The first transaction is the purchase of inventory. Record the entry. (Record debits first, then credits. Exclude explanations from journal entries.) 34,000 157,000 Inventory: January 1, 2020 Purchases of inventory (on account) Sales of inventory80 percent on account: 20 percent for cash (cost $137,000) Inventory at FIFO post December 31, 2020 Journal Entry 241.000 Date Accounts Debit Credit ? December 31 Print Done i Balance sheet Required Income Statement: Sales revenue S Balance Sheet: Current assets Inventory 241,000 137.000 S 54,000 Cost of goods sold Gross margin $ 104,000 1. Joumalize Thorson Company's inventory transactions for the year in a periodic systerr. Use December 31 as the date. No explanations are required. 2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement. 3. How do the amounts in requirement 2 compare to the same amounts in the perpetual Print Done Print Done