Reagan Corporation is wholesale distributor of truck replacement parts. Initial omounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,328,808 Accounts payable st December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 2%, 10 days, net 38 Net 38 Net 38 Net 38 Net 38 Net 30 Amount 279,000 224,880 314,88e 239,88e $1,856,88e $9,350,e80 1. Parts held by Reagan on consignment from Charlie, amounting to $190,000, were included in the physical count of goods in Reagan's warehouse and in ccounts poyable at 2. Parts totaling $29,000, which were purchased from Full and paid for in December, were sold in the last week of the year and 3. Parts in transit on December 31 to customers, shipped f.o.b. shipping point on December 28, amounted to $48,000. The customers 4. Retailers were holding goods on consignment from Reagan, which had a cost of $280,000 and a retail value of $320,000. appropriotely recorded as sales of $35,000. The parts were included in the physical count of goods in Reagan's warehouse on December 31 because the parts were on the losding dock waiting to be picked up by customers. received the parts on Janusry 6 of the following year. Sales of $54,000 to the customers for the parts were recorded by Reagan on January 2 S. Goods were in transit from Greg to Resgan on December 31. The cost of the goods was $32,000, and they were shipped f.o.b. shipping point on December 29. 6. A freight bill in the amount of $2,700 specifically relating to merchandise purchased in December, all of which was still in the inventory at December 31, was received on Janusry 3. The freight bill was not included in either the inventory or in accounts payable at December 31. 7. All the purchases from Baker occurred during the last seven days of the year. These items have been recorded in accounts paysble and accounted for in the physical inventory at cost before discount. Resgan's policy is to pay invoices in time to take advantage of ll discounts, adjust inventory accordingly, and record accounts payable net of discounts. Required: Complete the schedule of adjustments to the initial amounts which is shown below. (Amounts to be deducted should be Indicated with a minus sign) Sales Initial amaunts S 1,320,000 1,058,0009,350,000 (decrease 6 320,000S 1,058,0009,350,000 Adjusted amounts