er 9 - Homework [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 $84.000 by paying 8.000 cash and signing a $56, note de in the years. In Its accounting system, the company records the vehicle distinct from other types of equipment way After the bus was used for nearly one week, it was painted with the loges of the the hands at a cost of $750, 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 3 wrote a check for the amount owed on account for the work completed on January 8. February 1 Purchased new speakers adplifiers and wrote a check for the full $24,000 cost. February 8 Paid $650 cash for winor repairs to the tour bus 1 Paid $28,000 cash and signed a $200,000 five-year note to purchase wall office building and land. An appraisal indicated that the building and land contributed equally to the total price. March 31 Paid $87,000 cash to acquire the goodwill and certain tangible assets of Kris Myth, Inc. The fair values of the tangible assets acquired were $17,000 for band equipment and $57,000 for recording wulant. CP9-3 Part 1-0 Required: 1-a. Complete the table below 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) January 02 January 08 January 30 February 01 February 08 March 01 March 31 12 Ned) Required information Req 1B Reg 2 Reg 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Icumal Required in the first account field.) View transaction lat 2 Record the painting charges of $750 on account. 1 Record the payment in full for the painting charges. Record the purchase of speakers and amplifiers for $24,000 cash. 5. Record the cash expense of $650 incurred to tune up the tour bus. Credit Record the purchase of a small office building and land for $28.000 cash and $230.000 five year note Record the purchase of goodwill and tangible assets for 587.000 cash Note: - journal entry has been entered County WO 9 - Homework March appraisa cated that the building and land contributed equally to the total price. 31 Paid $17,000 cash to acquire the goodwill and certain tangible assets of Kris Myth, Inc. The fair values of the tangible assets acquired were $17,0 for band upt and $57,000 for recording equipment. CP9-3 Part 1-b to 3 1. Prepare the lournal 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 amorson that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-tne method with a useful life of five years and no residual value. The building is deprecated using the double declining balance method, with a 10 year useful and residual value of $28.000. TIP Calculate depreciation from the acquisition date to the end of the quartet 2. Prepare a journal on try to record the depreciation calculated in requirement 2 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 deprecate d amortization that aimer Cook Mus Production should report for the quarter ended March 31. For convenience the equipment and vehidere depressed the same way using the right-line method with a use of and residual value. The building is deprecated using the double-deding balance method, with a 10- ye d resdual value of $20,000. TIP Calculate depreciation from the acquisition date to the end of the quarters (Dorot roundermediate calculations.) Partial Year Required information Reg 13 Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction event, select "No Journal Entry Required in the first account field.) View transaction et Journal entry worksheet Record the depreciation expense for the three assets at the end of the quarter. 23 52 - Note Enter debts bon credits ce: Enderrons betere con Debit Date Var 31 21 21 Credit 11 Record Palmer Cook Music Production manage and operates two band. The company entered into the following transactions during a recent year a 2 Purchased tour bus for by paying 1.000 cash and say $56,000 wote de la tee years. In its accounting system, the company records the whicle distinct from other types of a t After the bus was used for early one , it was painted with the leges of the trends at cost of 574, on account. The lasaid increase the lifespan, perating capacity, operating efficiency of the bus, but they were thout to be in preting the ends wote a check for the two account for the work completed on May . February 1 Purchased how speakers ad lifiers wrote check for the full $24, cost. February & Pald see cash for winor repairs to the tour March 1 Paid $28.00 cash and signed a five year note to purchase call office building and land. As appraisal indicated that the building and land contributed equally to the total price. March 11 Paid $80,000 cash to acquire the goodwill and certain tangible sets of Krisyth, Inc. The fair values of the tangible assets acquired were $17, for band equipment and $57,000 for recording CP9-3 Part 1-a Required: La Complete the table below for the above transactions. TIP: Goodwill is recorded as the excess of the purchase price over the for value of individual assets. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) March 01 March 1 Required information Complete this question by entering your answers in the tabs below Req 1B Reg 2 Reg 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction ist Record the painting charges of $750 on account. 3. Record the payment in full for the painting charges. Record the purchase of speakers and amplifiers for $24,000 cash. Record the cash expense of $650 incurred to tune up the tour bus. Record the purchase of a small office building and land for $28,000 cash and $230,000 five year note. 7 Record the purchase of goodwill and tangible assets for $87.000 cash. Note 1 = journal entry has been entered Talou Clear entry Recordandir UMU JUN Lacuate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2 Value of $28.000 Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 For the tangible and intangible asseti sequired in the preceding transactions, determine the amount of depreciation and amortization that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining-balance method, with a 10-year useful life and residual value of $28,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Show less Partial Year Complete this question by entering your answers in the tabs below. Reg 1B Req2 Req3 Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction met Journal entry worksheet > Record the depreciation expense for the three assets at the end of the quarter tas nedis berare credit Debit General Journal Date Credit Var centry