1. (6 points) Gages accounting records included the following information:

Inventory, 01-01-15 $211,000

Purchases during 2015 $805,000

Purchase returns during 2015 $4,000

Freight-out on 2015 sales $10,000

Sales during 2015 $1,662,000

Sales returns during 2015 $60,000

Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $100,000, at retail selling price. In recent years, Gage's gross profit equaled 42% of Gages selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.