During the month of July $2023,$ Eagle Inc. commenced manufacturing of a product called Argon. The

following transactions took place.

July $1,$ stockholders paid cash for $100$ million stocks with par value of $$1$ per share and market price of

$$11$ per share.

July $1$ purchased machinery and Equipment for $$40$ million cash $($Monthly depreciation is $2\mathrm{.}5\%$ of cost$).$

July $1$ purchased raw materials $($$$50$ million direct materials, $$4$ million indirect materials$)$ for $$54$ million

cash and all materials moved into production immediately.

July $20$ the company records applied overhead at the rate of $80\%$ of direct material costs.

July $28,$ paid cash for manufacturing labor services, $$112$ million $($$$100$ million direct labor and $$12$

million indirect labor$).$

July $30,$ actual costs of other overhead items were calculated to be $$34$ million.

July $30,$ all the goods charged into production were completed and moved to Finished Goods Inventory

Account.

July $30,90\%$ of the completed goods were sold for cash at a markup of $20\%$ of the cost before adjusting

for over or under applied overhead costs.

Required: Make the relevant Journal entries to record these transactions. Assume no taxes and ignore

other costs.