During 2024, its first year of operations, Hollis Industries recorded sales of $10,200,000 and experienced returns of $750,000. Cost of goods sold totaled $7,650,000 (75% of sales). The company estimates that 9% 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).