that Required - X d-n tions 1. Journalize the entry to apply the lower-of-cost-and-net-realizable-value rule to the inventory 2. Prepare a revised income statement to adjust the preceding income statement to apply the lower-of-cost-and-net-realizable-value rule to Tractor Solutions Company's inventory. 3. What is the inventory balance that would be reported on the Tractor Solutions Company's balance sheet? How would it be reported? Print Done i Income statement - X Tractor Solutions Company Income Statement xplanat For the Month Ended August 31, 2020 Sales revenue $ 400,000 Cost of goods sold: Beginning inventory $ 92,000 Net purchases 257,000 Cost of goods available for sale 349,000 Less: Ending inventory 111,000 Cost of goods sold 238.000 Gross margin $ 162 000 Print Done Tractor Solutions Company's income statement for the month ended August 31, 2020, reported the following data (Click icon to view income statement.) Before the financial statements were released, it was discovered that the current net realizable value of ending Inventory was $106.000 Required Requirement 1. Journalire the entry to apply the lower of cost and netreazablo-value rule to the inventory (Record bits first, then credits. Exclude explanations from journal entries. Journal Entry Date Accounts Debit Credit Aug 31