Answer and Explanation:
The journal entries are shown below:
Raw materials inventory $76,000
To Accounts payable $76,000
(being the raw material purchased on account)
Work in process inventory $65,000
Manufacturing overhead $9,000
To Raw materials inventory $74,000
(Being the work in process and overhead is recorded)
Work in process inventory $101,500
Manufacturing overhead $21,500
To Cash $123,000
(being cash paid is recorded)
Manufacturing overhead $195,000
To Accumulated depreciation-Equipment $195,000
(being the manufacturing overhead is recorded)