The following partial work sheet is taken from Karen's Gift Shop for the year ended December 31, 20, The ending merchandise inventory is $56,000. Karen estimates that customers will be granted $14,500 in refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $11,000. 1. Complete the Adjustments columns for Merchandise Inventory and related accounts. 2. Extend all accounts to the Adjusted Trial Balance columns. Karen's Gift Shop End-of-Period Spreadsheet (Partial) For Year Ended December 31, 20- ADJUSTMENTS TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT Merchandise Inventory 55,000.00 Estimated Returns Inventory 12,000.00 11,000.00 Customer Refunds Payable Income Summary Sales 267,000.00 Sales Returns & Allowances 17,000.00 Purchases 198,000.00 Purchases Returns & Allowances 3,500.00 Purchases Discounts 2,700.00 Freight-In 1,100.00 DEBIT ADJUSTED TRIAL BALANCE CREDIT DEBIT CREDIT