Basic of accounting Create the journal entry for transactions below and complete the Financial statement for Mar using the Excel. 1 Capital stock 2 Fixed asset 3 Depreciation 4 Material Erae USA is founded on 01/01/2022 as subsidiary of Erae. Erae USA has issued common shares the amount of 400,000 to Erae. Erae USA agreed on a $300,000 machinery purchase with the manufacturer and prepaid $100,000 on 01/05/2022. Erae received the machinery and checked there wasn't any defect on the machinery. So they paid for the others on 02/01/2022. The useful life for types of machinery is ten years by company policy. Straight line used for depreciation. Residual value is zero. Erae USA purchased the 1000ea of material aaa which unit price is @100 on 03/01/2022. Erae USA put the material aaa 1000ea to the manufacturing line on 03/01/2022. 5 BOM Product A consists of one aaa. 6 WIP Erae USA consumption FIFO as the inventory flow. 7 Payroll Erae USA employee belongs to the staffing company, and Erae pays the employee $25/h. The estimated total working hour for March is 10,000h. 8 Accrual Erae USA received the invoice of $200,000 from the staffing company for March on 04/10/2022 Erae keeps the difference between estimation and actual cost in a book as an increase/decrease of expenses on the date when the company recognized it. 9 Manufacturing Erae USA has manufactured 800ea of the product A in Mar. 10 Sales Erae USA has solds 600ea of the product on the price as @$200 A in Mar.