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At the beginning of the year, a company had $ 2 0 , 0 0 0 0 of inventory. During the year, the company purchased

At the beginning of the year, a company had $20,0000 of inventory. During the year, the company purchased $70,000 of merchandise and sold$60,000 of merchandise. A physical count of inventory at year-end shows $28,000 of inventory exists. Prepare the entry to record the inventory shrinkage.

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