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Use the information below for the following two questions: Kane corporation uses the loss method...

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Accounting

Use the information below for the following two questions: Kane corporation uses the loss method and adjusts an allowance account at year-end to record net realizable value adjustments to its inventory. The company started business on January 1, 2020. End-of-year information for its only inventory item is given below Fiscal Year Cost Basis Net Realizable Value 2020 $220,000 $205,000 2021 $315,000 $310,000

40. Record the end-of-year adjusting entry for 2020:

41. Record the end-of-year adjusting entry for 2021:

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