Use the following information to complete journal entries

Jan 1, 2010 Sold Common Stock to raise capital in the amount of $800,000 Purchased Factory machinery for $50,000. The machinery has a life of 10 years, residual/salvage Jan 1 value of $10,000, and the company uses double declining balance method of depreciation Jan 1 Purchased Office Supplies for $10,000 for cash Jan 1 Purchased Office Building for $400,000, making a down payment of $200,000 and giving a promissory note to be paid at once at the end of 5 years. The market interest rate at the time of the purchase is 8%. The office building has a life of 20 years, salvage value of $50,000, and the company uses straight line method of depreciation. Jan 5 Purchased Materials from William Martin for $100,000, term 3/10, EOM, FOB shipping point. The transportation incurred and paid is $2,000. Jan 6 Requisitioned for $70,000 direct materials which were put into production process. Jan 6 Requisitioned for $15,000 Indirect materials which were put into production process. Jan 7 Returned $5,000 of the materials to William Martin for defectiveness Jan 10 Paid William Martin the amount due. Jan 10 Paid direct labor cost of $15,000. Jan 15 Paid indirect labor cost of $18,000. Jan 12 Paid other factory overhead of $45,000. Jan 31 Make necessary entries for depreciation adjustments for both machinery as well as office building Additional Information: Applied 90% of the actual factory overhead to the production process. The over or under-applied overhead is considered immaterial and this information should be considered in determining how the over-or under-applied overhead would be disposed off. Jan 31 Paid selling expenses of $6,000 and administrative expenses of $8,000. Jan 31. The unused office supplies is $2,000 and the work in process at the end of the period is $6,000