4 Required information The foowing informetion appies to the questions displayed below Palmer Cook Music Productions manoges and operates two bands. The company ontered into the following transactions during a recent year points anuary 2 Purchased a tour bus for $86,eea by paying $29,ee0 cash and signing a $57,860 noto due in two years. In its accounting systen, the company records the vehicle distinct from other types of equipment January 8 After the bus was used for nearly one woek, it was painted with the logas of the two bands at a cost of $8ee, on account. The logos did not increase the lifespan, operating capacity, or operating officiency of the bus, but they were thought to be useful in pronoting the bands anuary 30 Wrote a check for the amount owed on account for the wark comploted on 3anuary 8. March 1 Paid $29,8e0 cash and signed a $235,e8e five-year note to purchase a snall office Harch 31 Paid $88,eee cash to acquire the goodwt11 and certain tangible assets of Kris Myth, February 1 Purchased new speakers and axplifiers and wrote a check for tho full $25,580 cost. February Paid $709 cash for minor repairs to the tour bus. building and land. An appraisal indicated that the building and Land contributed equally to the total price Inc. The fair values of the tangible assets acquired were 518,880 for band oquipnent and $58,e9e for recornding equipmont 1-b. Prepare the journal entries for each of the above transactions 2 For the tangible and incangible assets acquired in the preceding srensactions, dotermine the amount of depreciation and