Ladora Construction Company began operations on January 1, 2019, when it acquired $30,000 cash from the issuance of common stock. During the year, Ladora purchased $6,000 of direct raw materials and used $5.640 of the direct materials. There were 108 hours of direct labor worked at an average rate of $20 per hour paid in cash. The predetermined overhead rate was $9 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building: Job 1 Job 2 Job 3 Direct Materials $1,448 2,488 1,888 Direct Labor Hours 3e 5e 28 The company paid $320 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $640. Ladora completed Jobs 1and 2 and sold Job 1 for $5,000 cash. The company incurred $600 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold. Requlred a. Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example. b. Reconcile all subsidiary accounts with their respective control accounts. e. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2019. Assets Equity Raw Materials Work In Process Finished Goods Common Cash Manufacturing Retained Earnings Revenue |-| Expenses |= Net Income Overhead Stock + 30,000+ 30,000 LADORA CON STRUCTION COMPANY Cost of Goods Manufactured and Sold for 2019 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold LADORA CONSTRUCTION COMPANY Income Statement for 2019 LADORA CON STRUCTION COMPANY Balance Sheet for 2019 Assets Total assets Equity Total equity