On Jan 1, 2020, Mr. Y invested the following in Y Company: Cash $1,000,000, work in process $20,000, and Finished Goods $100,000. Y Company applies factory overhead on the basis of direct labor hours. The estimated factory overhead was $600,000 while the estimated direct labor hours was 100,000 hours. Make necessary general journal entries for all the transactions during the period Jan 1 through Jan 31, 2020. Hint: Please do not omit the information about the investments made by Mr. Y, above. Jan 1 2020 Bought Factory Equipment, $120,000 and paid cash. Jan 1 Bought Office Building $300,000, paying $100,000 and issuing a 3-year note for the balance. Jan 8 Jan 10 Jan 20 Jan 23 Jan 25 Jan 28 Jan 31 Jan 31 Jan 31 Purchased Materials for cash, $150,000 Requisition for Direct Materials that were put into production, $100,000 Requisitioned for Indirect Materials that were put into production, $4,000. Direct Labor cost incurred and paid during the period, $60,000, when the labor rate per hour was $5. Other indirect labor costs incurred as at January 25, is $6,000. $2,000 of the amount incurred was paid. Paid factory supervisor's salaries, $18,000 Accrued indirect factory wages, $5,000 Accrued Office Salaries, $7,000 Depreciation on Office Building, $10,000 Jan 31 Depreciation on factory equipment $6,000 The following other information items were made available: The ending work in process is $5,000. The company sold 80% of the cost of goods available for sale for $600,000 on account. The company uses perpetual inventory system. Required: 1. Prepare the necessary general journal entries for the transactions above. 2. Post the journal entries into general ledger. 3. Determine the applied factory overhead and journalize it. 4. Determine the over- or underapplied factory overhead and assume that any over- or underapplied factory overhead is immaterial. Then, make necessary journal entries for the disposal of the over- or underapplied overhead on the basis of that assumption. 5. Prepare a Trial Balance 6. Prepare a manufacturing schedule 7. Prepare an Income Statement 8. Prepare necessary closing entries. 9. Prepare post-closing trial balance.