As of December 31, 2009, Whitney Company had the following account balances:
Inventory (beginning) .......................................................... $140,000
Purchases ........................................................................ 230,000
Purchase returns ................................................................ 6,000
A physical count of inventory on December 31, 2009, showed $104,000 of ending inventory. Prepare the closing entries that are needed to adjust the inventory records and close the related purchases accounts, assuming that the periodic inventory method is used.