0 Required information The following information applies to the questions displayed below] Precision Construction entered into the following transactions during a recent year January 2 Purchased a bulldozer for $254,000 by paying $22,000 cash and signing a s January 3 Replaced the steel tracks on the bu11dozer at a cost of $22,000, purchased on account. The January 30 Wrote a check for the amount owed 232,000 note due in five years. new steel tracks inerease the bulldozer's operating offieieney on account for the wdrk completed on January 3. February 1 Repaired the leather seat on the bulldozer and vrote a check for the full $1 March 1 Paid $4,800 cash tor the rights to use computer software for a two-year period. 1-b. Prepare the journal entries for each of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $42,000 residual value. 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2