The following selected transactions took place during the current year for a company: 
(a) Prepare the journal entries for these transactions.
(b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end
balance as of December 31.
Definitions:
Machine-Hours
A measure of production output or activity based on the hours that machinery is operational.
Plantwide Predetermined Overhead Rate
A single overhead rate calculated by dividing estimated total manufacturing overhead costs by an estimated total cost driver, applied throughout the entire plant.
Job-Order Costing System
An accounting method that tracks the costs associated with producing a specific item or providing a particular service.
Direct Labor-Hours
The total hours worked by employees that can be directly associated with the production of specific goods or services.
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