Calculate the ledger entries for Apple Inc. for the fiscal year 2023 based on the following transactions:

• January 1: Issued 100,000 shares of common stock at $50 per share.
• March 15: Purchased machinery for $500,000, paying $200,000 in cash and the rest on credit.
• June 30: Recorded depreciation expense on machinery at a rate of 10% per annum using the straight-line method.
• September 1: Sold 5,000 units of product at $100 per unit, with a cost of production of $60 per unit.
• December 31: Paid $50,000 in income taxes.