Problem IV: (7 pts) Helton Corp. Inc. uses the periodic inventory system and has the follow- ing normal account balances at its 12/31/19 year-end, prior to adjusting entries being made: Inventory balance at 1/1/19 Purchases Purchase discounts Purchase returns and allowances Freight-in Expense $ 60,000 3,000,000 40.000 10,000 25,000 Additional Information: Per a physical inventory count, the accountant has determined that inventory on hand at the end of the year is $25,000. Part I: In the journal below, prepare the adjusting entry needed to record cost of goods sold. Recommendation: Plug" the amount to your Cost of Goods Sold account. (6 pts) Debit Credit 12/31/19 Part II: Since you "plugged" the amount to your Cost of Goods Sold" account, show a proof to support your plugged amount. Do not simply say total debits must equal total credits. (Hint: We went over this equation in class or the class recording) (1 pt)