Gannon, Inc. applies the lower-of-cost-or-market rule to its inventory in aggregate. At the end of the accounting period, it is determined that the cost of the inventory is $25,985 and the market (replacement) value is $24,886. If an adjustment is necessary, what is its effect on the financial statements? 
Definitions:
Anaphase
A stage during cell division where replicated chromosomes are split and the newly-copied chromosomes are moved to opposite poles of the cell, leading to cell division.
Prophase
The first stage of cell division in both mitosis and meiosis where chromosomes become visible and the nuclear envelope dissolves.
Motor Proteins
Proteins that convert chemical energy into mechanical work, facilitating movement within cells, such as the transportation of cellular cargoes.
Actin
A protein that forms filaments and is involved in various types of cell motility and structure.
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