1 Required Information [The following information applies to the questions displayed below.) Palmer Cook Music Productions manages and operates two bands. The company entered into the following transactions during a recent year. January 2 Purchased a tour bue for $72,000 by paying $22,000 cash and signing a $50,000 note dae in two years. In its accounting system, the company records the vehicle distinct from other types of equipment. January 8 After the bus was used for nearly one week, it was painted with the logos of the two bands at a cont of $450, on account. The logos did not increase the lifespan, operating capacity, or operating efficiency of the bus, but they were thought to be useful in promoting the bands. January 30 Wrote a check for the amount owed on account for the work completed on January 8. February 1 Purchased new speakers and amplifiers and wrote a check for the full $15,000 cost. Pobruary 8 Paid $350 cash for minor repairs to the tour bus. March 1 Pa $22,000 cash and signe a $200,000 five-year note to purchase a mail office building and Land. An appraisal Endlosted that the building and land contributed equally to the total price. March 31 Paid $81,000 cach to acquire the goodwill and certain tangible assets of Kris' Myth, Ine. The fair values of the tangible assets acquired vere $11,000 for band equipment and $51,000 for recording equipment. 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. Th building is depreciated using the double-declining balance method, with a 10-year useful life and residual value of $22.000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. Required information Reg 1B Reg 2 Reg 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transacti Required" In the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the purchase of a tour bus for $72,000, paying $22,000 cash and financing the rest. Note: Enter debits before credits. Debit General Journal Date Credit Jan 02 Record entry Clear entry View general Journal