Check [The following information applies to the questions displayed below] Palmer Cook Music Productions manages and operates two bands. The company entered into the following transactions during a recent year January 2 Purchased a tour bus for $70,000 by paying $21,000 cash and signing a $49,000 note due in two years. In its accounting system, the company records the vehicle distinct from other types of equipment. January 8 After the bus was used for nearly one week, it was painted with the logos of the two bands at a cost of $400, on account. The logos did not increase the lifespan, operating capacity, or operating efficiency of the bus, but they were thought to be useful in promoting the bands January 30 Wrote a check for the amount owed on account for the work completed on January 8. February 1 Purchased new speakers and amplifiers and wrote a check for the full $13,500 cost. February 8 Paid $300 cash for minor repairs to the tour bus. March 1 Paid $21,000 cash and signed a $195,e00 five-year note to purchase a small office building and land. An appraisal indicated that the building and land contributed equally to the total price. March 31 Paid $80,e00 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $10,e00 for band equipment and $5e,ee0 for recording equipment