Road Runner Tire Co.'s perpetual inventory records indicate that $1,498,200 of merchandise should be on hand on

Question:

Road Runner Tire Co.'s perpetual inventory records indicate that $1,498,200 of merchandise should be on hand on December 31, 2014. The physical inventory indicates that $1,483,750 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Road Runner Tire Co. for the year ended December 31, 2014.