Data assembled for preparing the work sheet for Meridian Co. for the fiscal year ended December 31,

Question:

Data assembled for preparing the work sheet for Meridian Co. for the fiscal year ended December 31, 2006, included the following:
Merchandise inventory as of January 1, 2006 ....... $475,000
Merchandise inventory as of December 31, 2006..... $528,300
Journalize the two adjusting entries for merchandise inventory that would appear on the work sheet, assuming that the periodic inventory system is used.