For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and

amortization that Casting Crown Construction should report for the quarter that ended March $31.$ The equipment is depreciated using

the double$-$declining$-$balance method with a useful life of five years and $$40,000$ residual value.

Equipment

Licensing rights

Prepare a journal entry to record the depreciation and amortization calculated in requirement $2.($If no entry is required for a

transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

Record the entry for depreciation and amortization.

Note: Enter debits before credits.