Joe Company manufactures luxury boats and uses a Job Costing System. In 2020, the first year of operations, Joe Company had the following transactions; 1. Purchased for cash $122,000 of Direct Materials 2. Requisitioned $80,000 of Direct Materials to job sites 3. Paid $83,000 of cash to Direct Labor employees 4. Paid $54,000 of cash to Indirect Labor employees 5. Paid $40,000 in cash to Sales employees 6. Paid cash of $15,000 for factory rent for period 7. Paid cash of $10,000 for sales office rent for period 8. Completed boats costing $70,000 9. Sold boats costing $50,000 to customers for cash of $120,000 Additional information-Joe Company chose Direct Labor dollars as a MOH Application Activity and estimated for 2020 Total MOH Costs of $640,000 and Total Direct Labor Dollars of $800,000. Required; 1. Calculate Joe Company's 2020 MOH Application Rate. 2. Prepare the journal entries for the above transactions (including the entry to apply MOH to WIP Inventory)