Your answer is partially correct. Try again. Shamrock Inc. uses a perpetual inventory system. At January 1, 2017, nentory was $211,165,100 at both cost and realizable value. At Decermber 31, 2017, the inventory was $289,955,900 at cost and $265,522,700 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation a) Loss Due to Decline of Inventory to NRV Debit Credit Allowance to Reduce Inventory to NRV (b)Allowance to Reduce Inventory to NRV 24433200 Recovery of Loss Inventory 24433200