Adjustments to lower of cost and NRV The controller of Utah Corp.has provided you with the following information relating to its inventory: 
Utah uses the periodic inventory system, and records its inventory at cost.An allowance account is adjusted at the end of each year to adjust the value of the inventory to the lower of cost and NRV. Instructions Prepare the journal entries that Utah would have prepared for its 2014 and 2015 year ends, assuming that 2014 was its first year of operations.
Definitions:
ITQs
Individual Transferable Quotas, a fishery management tool that allocates a certain amount of a fish stock or species to individuals or companies.
Sockeye Salmon
A species of salmon found in the Pacific Ocean that is known for its bright red flesh and is a popular choice for seafood lovers.
Market Price
The current value at which a good or service can be bought or sold in a marketplace.
User Costs
The costs incurred by using an asset or resource, including depreciation, maintenance, and opportunity cost of capital.
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