Prepare journal entries to record the following transactions for World Foods, Inc. (in thousands).

Sell stock in company for $14,000

Obtain long-term bank loan of $10,000.

Purchase manufacturing equipment for $6,800 cash.

Rent manufacturing and warehousing space and pay $1,400 in advance for the year.

Manufacture $10,000 of inventory. Of the total, $8,000 was the cost of raw materials purchased on credit. The balance was wages to manufacturing employees paid in cash.

Sell half of the inventory manufactured, for $11,300 on account.

Pay $7,000 to creditors.

Make loan payment of $1,600 of which interest is $160 and the rest is principal.