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Need to do journal entries for the following scenarios.

Journal Entry #2 Ed Mason, the CEO, hires 2,500 employees, whom will receive a combined salary of $12 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on February 5th. Employee's withholdings are as follows: 11% for federal income taxes 6% for state income taxes and 5% for FICA. Record the necessary entry as of January 1st, 2018. Journal Entry #3 Mason Automotive issues a bond payable on January 1st, 2018 with a face value of $200 Million at 101. The bond will have a useful life of 5 years with an interest payment of 5% (Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 1st 2018. Journal Entry #4 Mason Automotive purchased $75 Million dollars worth of inventory on account on January 2nd, 2018. Mason notes that it will use a perpetual inventory system to track inventory. Journal Entry #5 Mason Automotive purchases fixed assets of $180 Million that will have a useful life of 10 years and no salvage value on January 2, 2018. $25 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method. Journal Entry #6 On January 2nd, Mason Automotive shipped an order to Corby Panther Company. The shipping terms were FOB shipping point and the value of the order was $60 Million and the inventory cost was $30 Million. Assume that this sale was made on account. Journal Entry #7 On January 3rd, Mason Automotive receives $90 Million advance payment from a customer, Michael Scott Paper Company, to manufacture 9, Journal Entry #8 Mason Automotive buys a patent from Apple for $36 Million on January 3rd, 2018. The patent has a legal life of 20 years, but a useful life of 10 years. Record the necessary entry as of January 3rd, 2018. Assume the patent was purchased using cash. Journal Entry #9 Mason Automotive purchased $2.5 Million dollars worth of supplies January 4th, 2018. $1.75 Million was paid with cash with the remaining ba Journal Entry #10 Mason Automotive pre-pays for Rent Expense for the next year of $12 Million and Insurance Expense of $3.2 Million on January 4th, 2018 Journal Entry #11 On January 20th, Mason Automotive decides to purchase 1,200,000 shares of Treasury stock at $26 per share

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