Journal 2-5

• Replaced the steel tracks on the bulldozer at a cost of $29,000, purchased on account. Record the transaction
• Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction.
• Repaired the leather seat on the bulldozer and wrote a check for the full $1,700 cost. Record the transaction.
• Paid $9,000 cash for the rights to use computer software for a two-year period. Record the transaction.

Required information [The following information applies to the questions displayed below] Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $268,000 by paying $29,000 cash and signing a $239,000 note January 3 Replaced the steel tracks on the bulldozer at a cost of $29,000, purchased on January 30 Wrote a check for the amount owed on account for the work completed on January 3. due in five years. account. The new steel tracks increase the bulldozer's operating efficiency. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $1,700 cost. March 1 Paid $9,000 cash for the rights to use computer software for a two-year period 1-b. Prepare the journal 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 amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $49,000 residual value 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2 Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req 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 list Journal entry worksheet 2 3 4 Purchased a bulldozer for $268,000 by paying $29,000 cash and signing a $239,000 note due in five years. Record the transaction Complete this question by entering your answers in the tabs below. Req 3 Req 18 Req 2 For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $49,000 residual value. (Do not round intermediate calculations.) Partial Year Depreciation-Equipment Amortization-Licensing Rights Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req 3 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.) View transaction list Journal entry worksheet Record the depreciation and amortization expense on the bulldozer and computer software for the quarter ended March 31 Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal Req 2 Req 3