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Year 6 is the first year of operation for Bob the Builder. The following information...

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Accounting

Year 6 is the first year of operation for Bob the Builder. The following information is available for Bob's inventories:

December 31, Year 6:

At cost: $585,000;

At lower of cost and net realizable value (NRV): $525,000

December 31, Year 7:

At cost: $780,000;

At lower of cost and net realizable value (NRV): $740,000

Prepare Bob's Year 7 journal entry to adjust its inventory from cost to the lower of cost and NRV, assuming the allowance method is being used.

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