Wolfpack Corp. has 1,000 units of product X in its year-end inventory. These units have an original cost of $300 each. A lower-of-cost-or-market analysis has been performed, and it shows the designated market value of these units to be $280 each. The company's "Allowance to Reduce Inventory to Market" account has a beginning normal balance of $5,000. 

Required: Using the indirect method, prepare the year-end (Dec 31) entry needed to reflect the application of the LCM method.