During $2024,$ its first year of operations, Hollis Industries recorded sales of $$10,600,000$ and experienced returns of $$720,000.$ Cost of goods sold totaled $$6,360,000(60\%$ of sales$).$ The company estimates that $8\%$ of all sales will be returned.

Prepare the year$-$end adjusting journal entries to account for anticipated sales returns under the assumption that all sales are made for cash $($no accounts receivable are outstanding$).$