Journal Entry #7 On January 2nd, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms were FOB shipping point. The sales value of the order was $207 Million and the inventory cost was $157 Million. Assume that this sale was made on account. Journal Entry #8 Mason Automotive pre-pays for Rent Expense for the next year of $15.6 Million on January 3rd, 2019. Journal Entry #9 Mason Automotive purchased $5 Million dollars worth of supplies on account on January 2nd, 2019 Journal Entry #10 Mason Automotive buys a patent from Apple for $21 Million on January 3rd, 2019. The patent has a legal life of 25 years and useful life of 20 years. Record the necessary entry as of January 3rd, 2019. Assume the patent was purchased using cash. Journal Entry #11 Mason Automotive purchases foxed assets of $170 Million that will have a useful life of 20 years and a salvage value of $20 million on January 4th, 2019. $30 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method