this question has two parts thank you 1a Finch Manufacturing Company was started on January 1, Year 1 The company was affected by the following events during its first year of operation Acquired $2,500 cash from the issue of common stock Paid $540 cash for direct raw materials Transferred $380 of direct raw materials to work in process Paid production employees $650 cash Paid $400 cash for manufacturing overhead costs Applied $225 of manufacturing overhead costs to work in process Completed work on products that cost $1,030 Sold products that cost $880 for $1,620 cash Paid $320 cash for selling and administrative expenses Made a $80 cash distribution to the owners Closed the Manufacturing Overhead account Required Record these events in a horizontal statements model The first event is shown as an example Prepare a schedule of cost of goods manufactured and sold 1b Finch Corporation manufactures model airplanes The company purchased for $196,000 automated production equipment that can make the model parts The equipment has a $16,000 salvage value and a 9 year useful life Required Assuming that the equipment was purchased on January 1, record in T accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment

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this question has two parts thank you 1a: Finch Manufacturing Company was started on January 1, Year 1. The company was affected by the following

this question has two parts thank you

1a:

Finch Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation.

Acquired $2,500 cash from the issue of common stock.
Paid $540 cash for direct raw materials.
Transferred $380 of direct raw materials to work in process.
Paid production employees $650 cash.
Paid $400 cash for manufacturing overhead costs.
Applied $225 of manufacturing overhead costs to work in process.
Completed work on products that cost $1,030.
Sold products that cost $880 for $1,620 cash.
Paid $320 cash for selling and administrative expenses.
Made a $80 cash distribution to the owners.
Closed the Manufacturing Overhead account.

Required

Record these events in a horizontal statements model. The first event is shown as an example.
Prepare a schedule of cost of goods manufactured and sold.

1b:

Finch Corporation manufactures model airplanes. The company purchased for $196,000 automated production equipment that can make the model parts. The equipment has a $16,000 salvage value and a 9-year useful life.

Required

Assuming that the equipment was purchased on January 1, record in T-accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment.