At the end of the year, Tunnel Mountain Resorts Ltd., a company that has a periodic inventory system, had the following account balances on its unadjusted trial balance: Merchandise Inventory $30,000, Purchases $262,000, Purchase Discounts $4,000, Freight in $7,000. The inventory count at the end of the year determined that the inventory on hand at that time cost $24,000. Record the adjusting journal entry that would be made at the end of the year to update the Merchandise Inventory and Cost of Goods Sold accounts.