2019 Jan. 5 Paid $46,000 cash for a used limousine. 6 Paid $4,500 to have the engine overhauled 9 Paid $2,300 to repair damage to the limousine as it sat in the parking lot. 15 Paid $600 for a minor tune-up after limousine was put into use. 31 Recorded amortization In the limousine by the DDB method. (Assume a five-year life.) Jun. Dec. 2020 Mar 9 Traded in the used limousine for a new limousine costing $120,000. The dealer granted a $30,000 allowance on the old limousine, and the company paid the balance in cash. Recorded year 2020 amortization for the year to date and then recorded the exchange of the limousines This transaction has commercial substance 9 Repaired the new limousine's damaged fender for $4,500 cash. 31 Recorded amortization on the new limousine by the DDB method. (Assume an eight-year life and a residual value of $23,000). Aug Dec. Assume that Classy Limousines completed the following transactions (Click the icon to view the transaction data.) Classy Limousines' amortization policy states that the company will take a full month's amortization on purchases occurring up to and on the 15th day occurs after the 15th day of the month Required Record the transactions in the general journal, indicating whether each transaction amount should be capitalized as an asset or expensed. Round all Enter the transactions in the General Journal Jan 5, 2019. Paid 546,000 cash for a used limousine. (Record debits first, then credits. Exclude explanations from journal entries.) Joumal Entry Date 2019 Accounts Debit Credit Jan 5 Jan 6, 2019. Paid $4,500 to have the engine overhauled Journal Entry Date 2019 Accounts Debit Credit Jan 6 Jan 9, 2019. Paid $2,300 to repair damage to the limousine as it sat in the parking lot. Journal Entry Date 2019 Accounts Debit Credit Jan 9 Jun 15, 2019. Paid $600 for a minor tune-up after limousine was put into use Journal Entry Date 2019 Accounts Debit Credit Jun 15 Dec 31, 2019. Recorded amortization on the limousine by the DDB method. (Assume a five-year life.) Journal Entry Date 2019 Accounts Debit Credit Dec 31 Mar. 9,2020. Traded in the limousine for a new limousine costing $120,000 The dealer granted a $30,000 allowance on th to date and then recorded the exchange of the limousines. This transaction has commercial substance Begin by recording the amortization expense for the partial year. (Round your answer to the nearest whole dollar.) Journal Entry Date 2020 Accounts Credit Debit Mar 9 Now, record the trade-in of the limousines Journal Entry Accounts Debit Credit Date 2020 Mar 9 Aug. 9, 2020. Repaired the new limousine's damaged fender for $4,500 cash. Journal Entry Date 2020 Accounts Debit Credit Aug 9 Dec 31, 2020 Recorded amortization on the new limousine by the DDB method. (Assume an eightyear life and a residual value of $23,00 Journal Entry Date 2020 Accounts Debit Credit Dec 31