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 15 th day of the month and will not take any amortization for the month if the purchase occurs after the 15th day of the month. Transaction Data 2019 Jan. 5 Paid $45,000 cash for a used limousine. 6 Paid $4,600 to have the engine overhauled. 9 Paid $2,100 to repair damage to the limousine as it sat in the parking lot. Jun. 15 Paid $750 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 $95,000. The dealer granted a $32,000 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 $4,500 cash. Dec. 31 Recorded amortization on the new limousine by the DDB method. (Assume an eight-year life and a residual value of $29,000 ). 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 15 th day of the month and will not take any amortization for the month if the purchase occurs after the 15th day of the month. Transaction Data 2019 Jan. 5 Paid $45,000 cash for a used limousine. 6 Paid $4,600 to have the engine overhauled. 9 Paid $2,100 to repair damage to the limousine as it sat in the parking lot. Jun. 15 Paid $750 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 $95,000. The dealer granted a $32,000 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 $4,500 cash. Dec. 31 Recorded amortization on the new limousine by the DDB method. (Assume an eight-year life and a residual value of $29,000 )