Current Attempt in Progress Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Units Unit Cost Unit NRV Cameras: 4 8 $176 150 $159 151 Sony Canon Light Meters: Gossen Sekonic 12 10 131 115 135 110 (a) Your answer is correct. Determine the lower of cost and net realizable value of the ending inventory. LCNRV Cameras: Sony 636 Canon 1200 Light Meters: Gossen 1572 Sekonic 1100 Total $ 4508 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Calabogie Camera Shop uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cost of Goods Sold 118 Inventory 118 e Textbook and Media List of Accounts Attempts: 1 of 3 used : (c) Your answer is correct A physical inventory count at December 31 found that two of the Canon cameras were badly damaged. It was determined they had no resale value. Prepare the adjusting entry required, if any, to record the damaged cameras. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 Cost of Goods Sold 300 Inventory 300 (d) Your answer is incorrect Using the accounting equation, determine the amount by which the company's assets, liabilities, and equity will change because of the adjustments recorded in parts (b) and (c) above. (If the change is decrease, enter amount using either a negative sign preceding the number eg. -45 or parentheses eg.(45). If there is no change, please enter 0. Do not leave any fields blank.) 2020 Assets $ Liabilities Equity eTextbook and Media Assistance Used e Textbook List of Accounts Save for Later Attempts: 1 of 3 used Submit