Beamer Company's unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system):
Merchandise inventory ........................................................ $ 34,800
Joy Beamer, capital ............................................................ 115,300
Joy Beamer, withdrawals ......................................................... 4,000
Sales .............................................................................. 157,200
Sales discounts ..................................................................... 1,700
Sales returns and allowances .................................................... 3,500
Cost of goods sold ............................................................. 102,000
Depreciation expense ............................................................. 7,300
Salaries expense .................................................................. 29,500
Miscellaneous expenses .......................................................... 2,000
A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit.