Same 11 journal entry setup:

2nd journal: Raw materials were requisitioned for use in production: $202,000 (85% direct and 15% indirect).

3rd journal: Record the costs that were incurred for employee services.

4th journal: Heat, power, and water costs were incurred in the factory: $47,400.

5th journal: Prepaid insurance expired during the year: $16,000 (80% relates to factory operations, and 20% relates to selling and administrative activities)

6th journal: advertising costs were incurred, $56,000

7th journal: Depreciation was recorded for the year: $67,200 (75% relates to factory operations, and 25% relates to selling and administrative activities

8th journal: Manufacturing overhead cost was applied to production. The company recorded 42,400 machine-hours for the year

9th journal: Goods that cost $511,900 to manufacture according to their job cost sheets were transferred to the finished goods warehouse

10th journal: Sales for the year totalled $755,800 and were all on account

11th journal: The total cost to manufacture these goods according to their job cost sheets was $504,500

3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)