ACCTG2FINAL T T Insert Table Chart Text Shape Media Comment Collaborate 8. PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON ACCOUNT 9. BASED ON 8 ABOVE, 3,000 OF RM WAS REQUESTED FOR PRODUCTION, 2,000 FOR SPECIFIC JOBS AND 1,000 FOR GENERAL USE 10. PREPARE THE JOURNAL ENTRY TO RECORD $6,000 FACTORY PAYROLL. 5,000 PAID TO EMPLOYEES AND 1,000 TO TAXES PAYABLE. 11. BASED ON 10. ABOVE, 4,000 IS FOR ASSEMBLY LINE WORKERS AND 2,000 IS FOR THE FACTORY SUPERVISOR. 12. PREPARE THE JOURNAL ENTRY TO RECORD THE DECLARATION OF A 10% STOCK DIVIDEND. THERE ARE 100,000 COMMON SHARES OUTSTANDING, PAR VALUE OF THE STOCK IS $3/SH AND THE SELLING PRICE OF THE STOCK IS $105/SH 13. ABC COMPANY PURCHASED 1,000 SHARES OF ITS COMMON STOCK FOR ITS TREASURY. PAR VALUE IS $3/SH AND THE SELLING PRICE OF THE STOCK IS $105/SH. 14. PREPARE THE JOURNAL ENTRY TO RECORD ABC CORPORATION CLOSING OUT ITS NET INCOME OF $300,000