(1) Circle City Inc. produces two joint productsJP#89-43-A and JP#89-43-Bfrom a sin- gle input. Further processing of product JP#89-43-A results in a by-product designated BP#89-43-X. A summary of production and sales for 2010 follows. Circle City Inc. input 600,000 pounds of raw material into the Processing Department. Total joint processing cost was $520,000. During the joint processing, 90,000 pounds of material were lost. After joint processing, 60 percent of the joint process output was transferred to Division 1 to produce JP#89-43-A, and 40 percent of the joint process output was transferred to Divi- sion 2 to produce JP#89-43-B. Further processing in Division 1 resulted in 70 percent of the input pounds becoming JP#89-43-A and 30 percent of the input pounds becoming BP#89-43-X. The separate # - processing cost for JP#89-43-A in Division 1 was $649,026. Total packaging costs for JP#89-43-A were $122,094. After Division 1 processing and packaging, product JP#89-43-A is salable at $8.00 per pound. Each pound of BP#89-43-X can be sold for $0.25 after incurring total selling cost of $5,000. The company accounts for the by-product using the net realizable value method and showing the NRV as a reduction in the cost of goods sold of the joint products. In Division 2, product JP#89-43-B was further processed at a separate cost of $387,600. A completed pound of JP#89-43-B sells for $3.70. Selling cost for product JP#89-43-A is $0.80 per pound and for product JP#89-43-B is $0.15 per pound. Required: Record the journal entry to 1. recognize incurrence of joint cost. 2. allocate joint costs to the joint products using pounds as a physical measure and transfer the products into Divisions 1 and 2. 3. record incurrence of separate processing costs for products JP#89-43-A and JP#89- 43-B in Divisions 1 and 2. 4. record incurrence of packaging cost for product JP#89-43-A. 5. transfer completed products JP#89-43-A and JP#89-43-B to finished goods