Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, the beginning of its fiscal year, are given below: Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the cost of each video produced. Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of activity. The company's predetermined overhead rate for the year is based on a cost formula that estimated $320, 000 in manufacturing overhead for an estimated allocation base of 8, 000 camera-hours. The following transactions were recorded for the year: a. Film, costumes, and similar raw materials purchased on account, $203, 000. b. Film, costumes, and other raw materials issued to production, $218, 000 (70% of this material was considered direct to the videos in production, and the other 30% was considered indirect). c. Utility costs incurred in the production studio, $90, 000. d. Depreciation recorded on the studio, cameras, and other equipment, $102, 000. Three-fourths of this depreciation related to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred, $148, 000. f. Costs for salaries and wages were incurred as follows: g. Prepaid insurance expired during the year, $8, 800 (70% related to production of videos, and 30% related g. Prepaid insurance expired during the year, $8, 800 (70% related to production of videos, and 30% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred, $10, 400. i. Studio (manufacturing) overhead was applied to videos in production. The company recorded 9, 400 camera-hours of activity during the year. j. Videos that cost $568, 000 to produce according to their job cost sheets were transferred to the finished videos warehouse to await sale and shipment. k. Sales for the year totaled $961, 000 and were all on account. The total cost to produce these videos according to their job cost sheets was $618, 000. l. Collections from customers during the year totaled $868, 000. m. Payments to suppliers on account during the year, $518, 000; payments to employees for salaries and wages, $325, 000. Required: 1&2. Prepare a T-account for each account on the company's balance sheet, and enter the beginning balances. Make an entry directly into the T-accounts for transactions (a) through (m)