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Under the lower of cost and net realizable value basis, the adjusting entry to record a decline in net realizable value below cost may include

Under the lower of cost and net realizable value basis, the adjusting entry to record a decline in net realizable value below cost may include a O debit to the Prepaid Expense account. O credit to the Unearned Revenue account. Odebit to the Loss account. Odebit to the Inventory account

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