Blue Spruce Corporation uses a perpetual inventory system and had inventory worth $61,500 at the beginning of the year. Purchases were made during the year for $267,000; however, 10% of these goods were returned to the supplier, and a 3% discount was taken on the remaining balance owing. Blue Spruce paid $1,700 cash for freight to ship the inventory to its location during the year. Blue Spruce reported cost of goods sold for the year of $205,000. Blue Spruce has a calendar year end. What is the balance in the inventory account at the end of the year? Balance If Blue Spruce counted its actual inventory balance as $82,000 at the end of the year, what adjusting entry, if any, would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Dec.31