1) Zeke Corp. (who uses aperiodicinventory system) has beginning inventory of 260 units, purchases of 580 units, and sales of 710 units. Assume each inventory unit costs $7 and the company counts 140 units of ending inventory.Record the December 31 inventory adjusting entry (if necessary).

2) On January 1, 20X1, Opener Inc. purchased equipment for $164,000. The company depreciated the equipment at $18,000 per year. On March 31, 20X5, the company sells the equipment for $77,900. Assume a December 31 year end and thatthe company has already recorded the current year's depreciation.Record the March 31, 20X5, entry for the sale