Ho Designs experienced the following events during Year 1 , its first year of operation: 1. Started the business when it acquired $69,000 cash from the issue of common stock. 2. Paid $29,000 cash to purchase inventory. 3. Sold inventory costing $17,100 for $34,000 cash. 4. Physically counted inventory showing $11,500 inventory was on hand the end of the accounting period. Required: a. Determine the amount of the difference between book balance and the actual amount of inventory as determined by the physical count