Intermediate Accounting 105I need help with this exercise. How may I solve the problem? Thank you **Pronghorn Company Inventory Analysis**Pronghorn Company determined its ending inventory at cost and at Lower of Cost or Net Realizable Value (LCNRV) at the end of the years 2025, 2026, and 2027. The values are provided in the table below:| Date | Cost | NRV ||------------|-----------|----------|| 12/31/25 | $691,400 | $691,400 || 12/31/26 | $755,300 | $683,900 || 12/31/27 | $954,100 | $876,300 |**Task (a): Journal Entry Preparation**Prepare the required journal entries for December 31, 2026, and December 31, 2027, using a perpetual inventory system and the cost-of-goods-sold method for adjusting to LCNRV.- **Steps for Journal Entry Preparation:** - List all debit entries before credit entries. - Credit account titles are automatically indented when amounts are entered (do not indent manually). - If no entry is required, select "No entry" for account titles and enter 0 for the amounts. - Record the journal entries in the order presented in the problem.**Journal Entry Table**| Date | Account Titles and Explanation | Debit | Credit ||------------|--------------------------------|-------|--------|| | | | || | | | || | | | || | | | |

Name: Intermediate Accounting 105I need help with this exercise. How may I s
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Description: Intermediate Accounting 105I need help with this exercise. How may I solve the problem? Thank you **Pronghorn Company Inventory Analysis**Pronghorn Company determined its ending inventory at cost and at Lower of Cost or Net Realizable Value (LCNRV) a

Adjusting entries are posted at the end of the year to correct the account balances. for example,…

Business

Accounting

Pronghorn Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/26 12/31/25 $691,400 $691,400 12/31/27 (a) Cost Date 755,300 NRV 954,100 683,900 876,300 Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV are used. (List all debit entries before credit entries. 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 o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

Pronghorn Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/26 12/31/25 $691,400 $691,400 12/31/27 (a) Cost Date 755,300 NRV 954,100 683,900 876,300 Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV are used. (List all debit entries before credit entries. 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 o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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