"alan meer inherits a hotel from his grandmother, mary, on february 11 of the current year. mary bought the hotel for $730,000 three years ago. mary deducted $27,000 of cost recovery on the hotel before her death. the fair market value of the hotel in february is $725,000. (assume that the alternative valuation date is not used.)"

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold. mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)