Given the Following Information for the Tea Company Under the Periodic System, If the Allowance Method of Recording

Given the following information for the Tea Company:
$\begin{array} { l l l } \underline{\text { Merket }} & \underline{\text { Cost} } & \underline{\text { Dete} } \\\$800 & \$ 800& \text { December 31, 2014 } \\940 & 1,000 & \text { December 31, 2015 } \\1,060 & 1,100 & \text { December 31, 2016 }\end{array}$

Under the periodic system, if the allowance method of recording lower of cost or market is in use, which December 31, 2016 entry is not correct?

A) Loss Due to Market Valuation 40
Allowance to Reduce Inventory to Market 40

B) Allowance to Reduce Inventory to Market 20
Loss Recovery Due to Market Valuation 20

C) Inventory 1,100 Income
Summary 1,100

D) Income Summary 1,000
Inventory 1,000