On December 28, 2016, Videotech Corporation (VTC) purchased 12 units of a new satellite uplink system from Tristar Communications for $22,000 each. The terms of each sale were 2/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2017

Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The Kwok Companys inventory balance on December 31, 2016, was $195,000 (based on a 12/31/16 physical count) before considering the following transactions:

1.	Goods shipped to Kwok f.o.b. destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $36,000.
2.	Goods shipped to Kwok f.o.b. shipping point on December 28, 2016, were received on January 5, 2017. The invoice cost was $23,000.
3.	Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2016, were received by the customer on January 3, 2017. The sales price was $46,000 and the merchandise cost $28,000.
4.	Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2016, were received by the customer on December 30, 2016. The sales price was $26,000 and the merchandise cost $19,000.
5.	Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $31,000 and the merchandise cost $18,000.

Required:

Determine the correct inventory amount to be reported in Kwoks 2016 balance sheet.