Dakota Industries has two items in inventory as of December 31, 2010. Each item was purchased for $52. Company management chose to write down Item #1 to $39, which at year-end was assessed to be its market value. Management did not write down Item #2 because its market value was estimated to be greater than $52. During 2010, each item was sold for $63 cash. The journal entry for the write down of Item #1 would include which of the following? 
Definitions:
Consciously Aware
The state of being alert and fully cognizant of one's thoughts, feelings, and environment.
Objective Observation
The act of perceiving and recording data in a way that is not influenced by personal feelings, interpretations, or prejudice.
Incongruence
The discrepancy between a person's self-image and actual experiences or reality.
Perceived Self
An individual's awareness and understanding of their personality, traits, and behavior, as they believe to be true.
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