Current Attempt in Progress Riverbed Mining Inc. has been stock-piling copper inventory in anticipation of better prices. Unfortunately, the market has not improved and at year end, December 31, 2021, inventory with a cost of $4.64 million is worth $3.74 million if it could be sold. During the next year, the prices start to recover, but the company still has not sold the inventory. At December 31, 2022, the market value of the same copper inventory has increased and is worth $4.74 million. Prepare the adjusting entry required at December 31, 2021 to record the decline in the value of the inventory, assuming Riverbed Mining uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation December 31, 2021 Debit Credit Prepare the adjusting entry required at December 31, 2022, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation December Debit Credit Prepare the adjusting entry required at December 31, 2022, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation December 31, 2022 Debit Credit