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It has been discovered that a boat lift was delivered in late December, and it has now been determined it is the wrong size. LCL has agreed to pick up the lift and return it to inventory. The lift had a cost of $2,600 and was sold for $4,800 plus sales tax. The amount will be treated as a deposit on the correct lift.

Requirement :The original entry has already been made. This information is used to make an adjusting entry. Please show the adjusting entry.