Problem 2 (50%) 7 Babel Company is a manufacturing firm that uses job-order costing. The company applies overhead to job using a predetermined overhead rate based on machine-hours. At the beginning of the year, the compar estimated that it would work 50.000 machine-hours and incur $500.000 in manufacturing overhead co The following transactions were recorded for the year: Required: Journalize the above transactions. Omit the explanations. Please assume that all transactic with employees, customers, and suppliers were conducted on account. Raw materials were purchased, $500,000