Following is a random list of some of the accounts and their balances on December 31, 2019, for Copperfield Merchandising. Copperfield uses a perpetual inventory system, and all account balances are normal. Inventory $67,000 Sales revenue 470,000 Interest revenue 28,000 Salary expense 46,000 Sales returns & allowances 30,000 Interest expense 13,000 Delivery expense 15,000 Sales discounts 25,000 Insurance expense 8,000 P. Copperfield, Capital 50,000 Utilities expense 29,000 Amortization expense 20,000 P Copperfield, Withdrawals 25,000 Cost of goods sold 259,000 Accounts payable 56,000 Accounts receivable 78,000 Cash 29,000 A physical count on December 31, 2019, reveals $65,000 of inventory on hand. a) Prepare the entry to adjust the inventory account on December 31, 2019. b) Prepare the closing entries on December 31, 2019.