Poppy's accounting records included the following information:

Inventory, 01-01-15 $211,000

Purchases during 2015 $805,000

Purchase returns during 2015 $4,000

Sales during 2015 $1,660,000

Sales returns during 2015 $60,000

Poppy completed a physical inventory on 12-31-15 and calculated an ending inventory of $47,000. In recent years, Poppy's gross profit equaled 40% of Poppy's selling price. Poppy suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.