The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $10,500 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $3,420 cash. c. Purchase musical equipment for $13,500 cash. d. Obtain a loan from a bank by signing a note for $17,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.