Wind Solutions Company's income statement for the month ended August 31, 2020, reported the following data (Click icon to view income statement.) Before the financial statements were released, it was discovered that the current net realizable value of ending inventory was $108,000 Required Requirement 1. Journalize the entry to apply the lower-of-cost-and-not-rollable value rule to the inventory Record debits first, then credits. Exclude explanations from journal entries) Journal Entry Accounts Date Debit Credit Aug 31 Requirement 2. Prepare a revised income statement to adjust the preceding income statement to apply the lower-of-cost-and net-realizable value rule to Wind Solutions Company's inventory First start with the income statement by filing out the appropriate heading and then filing in the corrected amounts Required Requirement 2. Prepare a revised income statement to adjust the preceding income statement to apply the lower of cost and not realizable-value rule to Wind Solutions Company's invertory First, start with the income statement by filling out the appropriate heading and then fling in the corrected amounts Sales revenue Cost of goods sold Beginning inventory Not purchases Cost of goods available for sale ntinue to the next Guess Required Cost of goods available for sale Ending inventory Cost of goods sold Gross margin Requirement 3. What is the inventory balance that would be reported on the Wind Solutions Company's balance sheet? How would it be reported? Assets Choose from any list or enter any number in the input Delds and then continue to the next question Before the financial statements were released, it was discovered that the current net realizable value of ending inventory was $108,000 Required Ending inventory Cost of goods sold Gross margin Requirement 3. What is the inventory balance that would be reported on the Wind Solutions Company's balance sheet? How would it be reported? Assets Choose from any list or enter any number in the input fields and then continue to the next question Hed August 3 i Income statement - X d that the cul Wind Solutions Company Income Statement ported on the For the Month Ended August 31, 2020 Sales revenue $ 460,000 Cost of goods sold: Beginning inventory $ 88,000 Net purchases 261.000 Cost of goods available for hele 349.000 109.000 Less: Ending inventory 240.000 Cost of goods sold $ 220.000 Gross margin Print Done and then cd