Inventory valued at $1,500 is written down to $1,000. Which of the following is the proper journal entry to record. the transaction? Answer Choice A Debit Inventory Credit Cost of Goods Sold B Loss on Inventory Write Down Inventory C Cost of Goods Sold Inventory D Loss on Inventory Write Down Cost of Goods Sold A. Debit/Inventory; Credit/Cost of Goods Sold. OB. Debit/Loss on Inventory Write Down; Credit/Inventory. C. Debit/Cost of Goods Sold; Credit/Inventory. OD. Debit/Loss on Inventory Write Down; Credit/Cost of Goods Sold. Questions 8, 9, & 10 are related. A company purchases a building on January 1 for $75,000. The building has a useful life of 15 years and a salvage value of $5,000. For what amount should the property, plant, & equipment account be debited on January 1? $4,667 $5,000 $75,000 O $70,000