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.

1. Acquired $2,500 cash from the issue of common stock.

2. Paid $540 cash for direct raw materials.

3. Transferred $380 of direct raw materials to work in process.

4. Paid production employees $650 cash.

5. Paid $400 cash for manufacturing overhead costs.

6. Applied $225 of manufacturing overhead costs to work in process.

7. Completed work on products that cost $1,030.

8. Sold products that cost $880 for $1,620 cash.

9. Paid $320 cash for selling and administrative expenses.

10. Made a $80 cash distribution to the owners.

11. Closed the Manufacturing Overhead account.

Required

1. Record these events in a horizontal statements model. The first event is shown as an example.

2. 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

1. 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.