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I have answered questions 1a and 1b and have provided them. I need help completing questions 2 and 3. estions 5-6 (of9Y (The following information

I have answered questions 1a and 1b and have provided them. I need help completing questions 2 and 3. image text in transcribed
image text in transcribed
image text in transcribed
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estions 5-6 (of9Y (The following information applies to the questions displayed below Palmer Cook Productions manages and operates two rock bands. The company entered Into the following transactions during a recent year Purchased a tour bus for $86,000 by paying $29,000 cash and signing a $57000 note due in two years January 8 The bus was painted with the logos of the two bands at a cost of $800, on account 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 $25,500 cost February 8 Paild $700 cash to tune up the tour bus. March 1 Paid $29,000 cash and signed a $235,000 five-year note to purchase a small office buliding and land. An appraisal Indicated that the bulding and land contributed equally to the total price Paid $88,000 cash to acquire the goodwill and certain fair values of the tangible assets acquired were $18,000 for band equipment and $58,000 for recording equipment. March 31 tangible assets of Kris Myth, Inc. The value 7.00 points Required: 1-a. Complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) TIP: Goodwill is recorded as the excess of the purchase price over the fair value of individual assets. Assets Liabilities (29,000) 86,000 January 02 Cash es Payable (long-term) quipment January 08 Accounts Payable MacBook Air DOO FA F1 F2

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