Prepare the adjusting entry that would be required if the inventory count determined that Blue Spruce Shipping had inventory with a cost of $26.000 at the end of the year. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and entero for the amounts.) Account Titles and Explanation Debit Credit At the beginning of the year, Blue Spruce Shipping Ltd., a company that has a perpetual inventory system, had $67,100 of inventory. During the year, inventory costing $268.400 was purchased. Of this, $31,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $3,210. The cost of goods sold during the year was $266,800