At the end of 2023, Lemon Limited's inventory cost $20,000, but as its net realizable value was determined to be only $15,000, the company correctly debited cost of goods sold and credited an inventory valuation allowance account by $5,000. This inventory subsequently sold for $22,000 in 2024. What will be the balance in the allowance account at the end of 2024, assuming no other inventory adjustments are necessary then? Select answer from the options below 

$7,000 credit 

$5,000 credit zero 

$2,000 debit

Answer rating: 100% (QA)

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