Exercise 3-1 (Algo) Prepare Journal Entries (LO3-1) Larned Corporation recorded the following transactions for the just completed month. a. $76.000 in raw materials were purchased on account. b. 574.000 in raw materials were used in production of this amount, $64,000 was for direct materials and the remainder was for Indirect materials c. Total labor wages of $120,000 were paid in cash Of this amount, $103,100 was for direct labor and the remainder was for indirect d. Depreciation of $200,000 was incurred on factory equipment labor Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Journal entry worksheet > 1 2 4 $74,000 in raw materials were used in production. Of this amount, $64,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet