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

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.

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