Date Assets January 02 January 02 Vehicles Cash 106,000 = Notes Payable (long-term) 39,000 = January 08 = Accounts Payable January 30 = Accounts Payable February 01 Notes Payable (long-term) 40,500 = February 01 Equipment 40,500 = February 08 Cash 500 = March 01 Cash II March 01 Land March 01 March 31 Buildings Cash || || ||| March 31 March 31 Equipment Goodwill 86,000 = 12,000 = Liabilities 67,000 + ++ + + + + + + Stockholders' Equity 600+Repairs and Maintenance Expense 600+ + + Repairs and Maintenance Expense 500 Required information [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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Incorporated. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. Required: 1-a. Complete the following accounting equation table for the above transactions. TIP: Goodwill is recorded as the excess of the purchase price over the fair value of individual assets. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)