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Can you help me with req 2 and 3? Precision Construction entered into the following transactions during a recent year: PA9-3 (Algo) Analyzing and Recording
Can you help me with req 2 and 3? Precision Construction entered into the following transactions during a recent year:
PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Precision Construction entered into the following transactions during a recent year. January 2 Puhased a bu11dozer for $288,000 by paying $39,000 cash and $1 gning a $249,000 note due in five yearn. January 3 Replaced the steel tracks on the bulldozer at a cost of $39,000, purchased on account. The nes steel tracks increase the bulldozer' n operating offieiency. January 30 wrote a check for the amount owed on account for the work completed on January 3. Pebruary 1 Mepaired the leather seat on the bulldozer and wrote a cheek for the full $2,700 cost. March 1 Paid $15,000 cash for the rights to use computer ooftware for a two-year period. PA9-3 (Algo) Part 1-b to 3 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, if any, that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $59,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . Complete this question by entering your answers in the tabs below. Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Jo Required" in the first account field.) Complete this question by entering your answers in the tabs below. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, that Precision Construction should report for the quarter ended March 31 . The equipment is depreciated using the double-declining-balance method with a useful life of five years and $45,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. (Do not round intermediate calculations.) the double-declining-balance method with a useful life of five years and $59,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2. Complete this question by entering your answers in the tabs below. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account feld.) PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Precision Construction entered into the following transactions during a recent year. January 2 Puhased a bu11dozer for $288,000 by paying $39,000 cash and $1 gning a $249,000 note due in five yearn. January 3 Replaced the steel tracks on the bulldozer at a cost of $39,000, purchased on account. The nes steel tracks increase the bulldozer' n operating offieiency. January 30 wrote a check for the amount owed on account for the work completed on January 3. Pebruary 1 Mepaired the leather seat on the bulldozer and wrote a cheek for the full $2,700 cost. March 1 Paid $15,000 cash for the rights to use computer ooftware for a two-year period. PA9-3 (Algo) Part 1-b to 3 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, if any, that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $59,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . Complete this question by entering your answers in the tabs below. Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Jo Required" in the first account field.) Complete this question by entering your answers in the tabs below. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, that Precision Construction should report for the quarter ended March 31 . The equipment is depreciated using the double-declining-balance method with a useful life of five years and $45,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. (Do not round intermediate calculations.) the double-declining-balance method with a useful life of five years and $59,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2. Complete this question by entering your answers in the tabs below. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account feld.) Step by Step Solution
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