Using the accounting equation, determine the amount by which the companys 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 e.g. -45 or parentheses e.g. (45). If there is no change, please enter 0. Do not leave any fields blank.)

Question 8 of 9 > 0.75/1 E View Policies Show Attempt History 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: Sony 4 $ 172 $ 158 Canon 8 157 159 Light Meters: Gossen 12 136 140 Sekonic 10 120 116 (a) Your answer is correct. Determine the lower of cost and net realizable value of the ending inventory. LCNRV Cameras: Sony $ 632 Canon 1256 Light Meters: Gossen 1632 Sekonic 1160 Total 4680 (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cost of Goods Sold 96 Inventory 96 (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cost of Goods Sold 314 Inventory 314 e Textbook and Media List of Accounts Question 8 of 9