A farm buys beef cattle for $64,000 at the end of 20X7. The cost to feed, shelter, and grow the cattle was $16,300 and 8,700 in 20X8 and 20X9, respectively. On 2 May 20X9, the cattle were slaughtered at a cost of $11,800. The fair value of the carcasses is $87,000. On 5 May 20X9, the carcasses are processed into different cuts (steak, roast) for $6,700 and sold for $141,000.

Required: 1. Prepare the journal entries for 20X7, 20X8, and 20X9 under ASPE. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.):

- Record the purchase of beef cattle for $64,000 at the end of 20X7 under ASPE.

- Record the $16,300 cost incurred in 20X8 to feed, shelter, and grow the chickens under ASPE.

- Record the $8,700 cost incurred in 20X9 to feed, shelter, and grow the chickens under ASPE.

- Record the cost to slaughter the cattle at a cost of $11,800 under ASPE.

- Record the sale carcasses for $141,000 after they are processed into different cuts (steak, roast) for $6,700 under ASPE.

- Record the cost of product sold.

- Record the sale of products.