On January 1, 20X1, Foundation Hotels Corporation purchased inventory from its parent company, Base Foods Corporation, for $100,000 in cash. Base Foods recorded cost of goods sold of $60,000 on the date of this sale to Foundation Hotels. As of December 31, 20X1, Foundation Hotels had sold $85,000 of the inventory it purchased from Base Foods. Which of the following journal entries would Foundation have recorded when it originally purchased the inventory on January 1,20X1? Multiple choice question. Debit Inventory for $40,000; Debit Cost of Goods Sold for $60,000; Credit Cash for $100,000 Debit Inventory for $100,000; Credit Cash for $100,000 Debit Inventory for $85,000; Debit Loss on Sale of Inventory for $15,000; Credit Cash for $100,000 Debit Inventory for $85,000; Credit Cash for $85,000