QUESTION (28 x =14 marks) Sunrise Company manufactures canoes. The following transactions occurred in April: 1. Purchased $50,000 of materials on account. 2. Issued $2,000 of indirect material from the materials inventory 3. Purchased $40,500 of materials. 4. Paid for the materials purchased in transaction (1). 5. Issued $20,000 in direct materials to the production department. 6. Incurred direct labor costs of $30,500, which were credited to Wages Payable. 7. Paid $32,250 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. 8. Applied overhead on the basis of 140 percent of direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of S8,500. 10. Complete all jobs and transfer the finished goods worth $60,000 11. Sell the goods (transaction 10) for $80,000 Required: Prepare the necessary journal entries for the above information Use the following table to insert your journal entries Date Description Debit Credit