Concord Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following: Merchandise with a selling price of $38,000 remained undamaged after the fire. Damaged merchandise with an original selling price o $27,000 had a net realizable value of $11,600. Prepare the journal entry to record the loss and account for the damaged inventory in a separate Damaged Inventory account. In the same entry, record cost of goods sold for the year ended December 31. (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 0 for the amounts. List all debit entries before credit entries.)