Sheridan Group provides many of the laminated products that teachers use in their classrooms. Sheridan management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Sheridan has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $2,000, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Record the same transactions as noted in part (a), but now under the production method of accounting for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sheridan Group provides many of the laminated products that teachers use in their classrooms. Sheridan management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Sheridan has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $2,000, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Record the same transactions as noted in part (a), but now under the production method of accounting for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)