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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 of the month and will not take any amortization for the month if the purchase 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 calculations to the nearest dollar i Transaction Data 2019 Jan 5 Paid $47.000 cash for a used limousine. 6 Paid $4,000 to have the engine overhauled. 9 Paid $2,900 to repair damage to the limousine as it sat in the parking lot. Jun. 15 Paid $650 for a minor tune-up after limousine was put into use Dec. 31 Recorded amortization on the limousine by the DDB method. (Assume a five-year life.) 2020 Mar. 9 Traded in the used limousine for a new limousine costing $75,000. 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 Aug 9 Repaired the new limousine's damaged fender for $2.500 cash Dec. 31 Recorded amortization on the new limousine by the DDB method. (Assume an eight-year life and a residual value of $25.000). Print Done Enter the transactions in the General Journal. Jan. 5. 2019. Paid $47,000 cash for a used limousine (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date 2019 Debit Credit Jan Jan 6, 2019. Paid $4,000 to have the engine overhauled. Journal Entry Date 2019 Accounts Debit Credit an - Jan. 9, 2019. Paid $2,900 to repair damage to the limousine as it sat in the parking lot. Journal Entry Date 2019 Accounts Debit Credit Jan. Jun 15, 2019. Paid $650 for a minor tune-up after limousine was put into use. Journal Entry Date 2019 Accounts Debit Credit Jun. Dec 31, 2019. Recorded amortization on the limousine by the DDB method. (Assume a five-year life.) Journal Entry Date 2019 Accounts Debit Credit Der Mar 9, 2020 Traded in the limousine for a new limousine costing $75,000 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 Begin by recording the amortization expense for the partial year. (Round your answer to the nearest whole dollar) Journal Entry Date 2020 Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Now, record the trade-in of the limousines Journal Entry Date 2020 Accounts Debit Credit Aug. 9, 2020. Repaired the new limousine's damaged fender for $2,500 cash. Journal Entry Accounts Date 2020 Debit Credit Aug Dec. 31, 2020. Recorded amortization on the new limousine by the DDB method. (Assume an eight-year life and a residual value of $25,000). Journal Entry Accounts Date 2020 Debit Credit Dec. 31 fah