Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $96,000 cash from the issue of common stock. 2. Paid $41,000 cash to purchase inventory. 3. Sold inventory costing $23,600 for $47,000 cash. 4. Physically counted inventory showing $17,100 inventory was on hand at 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 physica count. Difference in book and actual inventory Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $96,000 cash from the issue of common stock. 2. Paid $41,000 cash to purchase inventory. 3. Sold inventory costing $23,600 for $47,000 cash. 4. Physically counted inventory showing $17,100 inventory was on hand at 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 physica count. Difference in book and actual inventory